Nigeria’s Bank of Industry (BoI) said it has disbursed a total of N5.3 billion to 41,000 Micro Small and Medium Enterprises under the COVID-19 Action Recovery and Economic Stimulus (NG-CARES) programme.
Managing Director/CEO of the bank, Dr. Olasupo Olusi made the disclosure on Thursday at the BoI Area 3 Stakeholder Engagement for States and Partners in Abuja.
Represented by Mr. Omar Shekarau, Director, Small and Medium Enterprises at the BOI, the MD said, “So far, BoI has also provided over 308 billion in grants and loans to over 4.4 million MSMES and we have continued to maintain single digit loans given to these business owners, which has in turn created over 9 million jobs in Nigeria,” he said.
Olusi called on MSMEs to take advantage of BoI 32 states and offices in the country in accessing funding for their businesses, adding that by 2024, the agency intends to have offices in every part of the country.
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Speaking further, he called on MSMEs to apart from the NG CARES programme, take advantage of BoI 32 states and offices in the country in accessing funding for their businesses, adding that by 2024, the agency intends to have office in every start of the country.
The MD called on participants to take advantage of the workshop to fix the gaps observed during the implementation of the first phase ahead in preparation for the take off of the second phase.
Also speaking, the Chairman, Federal CARES Technical Committee, Aso Vakporaye noted that with what the interventions BoI has rolled out, Nigeria’s poverty numbers will experience a downward trend in the next 5years while urging commercial banks to domesticate the programme.
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