‘BoI now has new line of credit for export-based SMEs’

In a bid to drive Nigeria’s exports and help bring more foreign exchange into the country, the Bank of Industry (BoI) has disclosed that it now has a new line of credit that will cater for export-based small- and medium- sized enterprises (SMEs).

Waheed Olagunju, executive director for SME at BoI, disclosed this at the just concluded Lagos International Trade Fair held at the Tafawa Balewa Square (TBS), Lagos.

According to Olagunju, the development bank’s new line of credit came from the African Development Bank and is targeted at assisting export-based SMEs.

The executive director said the bank has supported 1000 businesses with various levels of funding within the last twelve months, which is a clear departure from the past. According to him, the development bank is committed to ensuring that genuine SME operators seeking funds to expand their businesses get same within the shortest possible time

“We cannot be everywhere. We leverage on ICT to get to our customers. Now you don’t need to get to our offices.

Through ICT, our customers can access our service offerings online. We also have SME customer hub on our website. Our target is to create a new ecosystem for SMEs,’’ Olagunju said.

The executive director said the bank has launched some funding schemes that will help spur small- and medium-sized businesses across the country.

BoI has launched a number of funding schemes, including Cottage Agro Processing (CAP) Fund, Fashion Fund, Nolly Fund and the Graduate Entrepreneurship Fund. These are targeted at spiking SMEs, creating many jobs and conserving the country’s foreign reserves.

According to Olagunju, most policies of the bank are aimed at economic empowerment of entrepreneurs.

He said in the past one year, the bank, mindful of its vision, had repositioned to fulfill its set goals in the six geo-political zones in Nigeria, adding that BoI has appointed 122 business development Service providers (BDSPs)  to help entrepreneurs package business proposals properly and have easy credit access.

Olagunju said that the bank is passionate about youth development programmes, noting that it is introducing segmented products to meet the needs of youths.

ODINAKA ANUDU