N423bn credit facility to improve MSMEs’ growth – BOI

The Bank of Industry said its €1bn (about N423 billion) credit facility would improve businesses operating under the micro, small and medium enterprises segment of the economy.

The Managing Director/Chief Executive Officer of the bank, Mr Olukayode Pitan, gave the assurance in Abuja during the 2022 SME Directorate Customer Engagement forum.

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The forum, which is organized by the BOI, had as theme, ‘Strategic Initiatives for SMEs Survival and Growth in Today’s Dynamic and Challenging Macro-Economic Environment’.

He noted that the bank remains committed to supporting the funding needs of its customers and assured them of sustained intervention with the successful completion of the €1bn guaranteed facility.

He said: “BOI, as the largest and most successful DFI in Nigeria, has continued to support SMES to generate considerable multiplier effects such as job creation and poverty reduction both of which enhance Nigeria’s social and economic condition.”

In the last five years, the MD stated, the bank had focused on expanding the impact in the economy, adding that has translated to growing the asset base to over N2trn.

As at date, Pitan said BOI has supported over 4,234,670 enterprises across various segments of the economy. The interventions, he added, have created over 9,050,796 million jobs.

“The Bank remains committed to supporting your funding needs and assures you of sustained intervention with successful completion of the €1bn guaranteed facility.

“The facility, like our previous ones, will be utilised to provide much-needed medium to long-term Nigerian MSMEs and large enterprises with transactions at affordable naira interest rates,” he added.