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BOI invests N773 million for development of MSMEs

Daily trust - August 27, 2015

The Bank Of Industry has earmarked N773 million for the development of 171 Micro, Small and Medium Enterprises (MSMEs) projects in Gombe State.
The ammount which is 80% of the N903.4 million loans approved by the Bank, was disclosed by the Managing Director/ Chief Executive Officer of BOI, Mr. Rasheed Olaoluwa, in Abuja.
Olaoluwa confirmed that the projects being financed through loans from the bank had created 1,900 direct and indirect jobs in the state.
Giving an update on the bank’s dealing in the state, he explained that after his assumption of office in May 2011, the then governor of Gombe State demanded partnership with BOI as a vehicle for accelerating the socio-economic development of the state. Olaoluwa stated that the governor pledged to contribute N500 million towards the establishment of a N1 billion Entrepreneurial Development Fund, which was to be matched in like sum by BOI.
The BoI boss, however, stated that only 55 per cent of the approved loan amount could be funded as the state was yet to release the outstanding contribution of N250 million to the Matching Fund. He, therefore, advocated an accelerated release of the funds to enable them fund all the projects.
“Notwithstanding, BOI had disbursed N110 million to 16 enterprises in the State from its own resources. In terms of impact, 1,277 direct and 623 indirect jobs, totalling 1,900, were created.
Gombe State is a predominantly agrarian state and this is evidenced by the fact that 80 per cent of the approved loans was committed to agro-processing, while 20 per cent was for other sectors like beverages, construction products, plastic and chemical products,” he said.
 
 

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