Nigeria: BoI disburse N497m in loans to SMEs

Aug 05, 2015

The bank said it aims to promote job creation and rapid industrialisation in the state of Niger.

Bank of Industry (BoI) revealed this week it has disbursed a total of N497million (€2.3 million) through loans to Nigerian entrepreneurs through its Micro, Small and Medium-Sized Enterprises (MSME) Fund in the state of Niger.

Managing director Rasheed Olaoluwa said the bank aims to promote job creation and rapid industrialisation in the state.

He explained that BoI received 263 loan applications amounting to N2.5 billion, with 116 loans totalling N497 million being approved. The bank estimates that 1,298 jobs have been created through the initiative.

SMEs are increasingly being targeted by Nigerian banks. Ecobank and First City Monument Bank (FCMB) have both launched new initiatives this year to attract and contribute to developing small businesses in the country.

Ecobank unveiled the SME Club, which offers preferential business support, products and services to SME customers across the country.

According to Jibril Aku, managing director of Ecobank Nigeria, the massive empowerment for the SMEs is in line with the bank's vision "to contribute to the economic development and financial integration of Africa."

Meanwhile, FCMB unveiled an empowerment programme dedicated to SMEs in a bid to enhance their financial, marketing and management skills so that they can grow their businesses and bottom-lines.ADNFCR-2976-ID-801796566-ADNFCR