BoI disburses N2.8bn to SMEs, MSMEs in Kaduna
Bank of Industry (BoI) said it has disbursed N2.8 billion intervention fund to over 280 SMEs and 20550 Micro Small and Medium Enterprises MSMEs in Kaduna State alone.
Olukayode Pitan, managing director of the bank disclosed this on at the 20 edition of National Micro, Small and Medium Enterprises (MSMEs) Clinic in Kaduna, stating that the move was part of efforts to boost ailing businesses.
He added that thousands of businesses have benefited from the agency’s intervention.
“As of today, BoI has supported thousands of SMEs across the country and is aiming to do more. In Kaduna State, we have disbursed to 280 SMEs and 20550 Micro Enterprises to the tune of N2.8bn” he said.
The BoI boss further disclosed plans to establish shared facility in partnerships with Federal, state government, and other relevant agencies in Kaduna, where several MSMEs can take advantage for easy
and enhanced productivity.
According to him, the shared facility will be fully equipped with machinery so that the financial burden of buying equipment or renting space would be lifted off the shoulders of the entrepreneurs.
Earlier in his remarks, Vice President Yemi Osinbajo explained that the MSME Clinic is part of federal government’s efforts to bring relevant government agencies to MSMEs for ease of doing businesses.
He said since the event was instituted, entrepreneurs are better informed on issues of regulations and incentives available for their businesses.
“The MSMEs Clinic is government’s way of paying attention to MSMEs. The one-stop-shop initiative is where regulatory agencies are brought together under one roof for easy assessment for MSMEs, where all the MSMEs can go and get all of their relevant approvals without having to travel around the country” he said.
The Vice President commended BoI and other financial institutions that have continued to provide support to MSMEs, stressing that the move is in line with federal government’s ease of doing business policy.
Earlier, the BoI boss visited two companies, including Nikoyi Nigeria Limited, and Northern Cable Company, to monitor how the intervention funds provided by the agency have impacted on their performance.
Olawale Oyedele, managing director of Nikoyi Nigeria Limited, expressed appreciation for the fund provided by BoI, stressing that it has made the operations easier.
Oyedele said that apart from the loans which are far cheaper than what any bank can give, BoI provides professional guidance with exceptional customer service that is quite uncommon in public sector.
He said the company is into processing and supply of sorghums and other grains, adding that its clients are multi nationals, Breweries, international organizations, including Internally Displaced Persons (IDPs) camps.
According to the Nikoyi boss, the company buys grains from 35 suppliers across eight northern states of the federation.
He solicited for more fund, which he said will further boost their working capital.
Jen Claude Jallon, managing director of Northern Cable Company, otherwise known as NOCACO, said he shall double the strength of the factory with the BoI loan.
According to him, the factory currently employs about 170 permanent staff, and 30 casual staff and supplies electrical cables for both domestic and industrial uses across the country.