BoI/Borno float N2bn MSMEs fund

The Bank of Industry(BoI) and Borno State Government has  set up a N2billion matching fund for the development of  micro, small and medium enterprises (MSMEs) in the state.

Waheed Olagunju, acting managing director of BoI, disclosed this in Maiduguri, the capital city of Borno State, during the signing of the agreement. Under the terms of agreement, BoI is expected to provide N1 billion which would be matched in equal sum by the state government.

The Bank’s CEO said in a statement that the matching fund scheme,  which is being implemented in partnership with state government, is aimed at empowering youths by creating jobs and inculcating entrepreneurship development.

He stressed the need by the state government to consolidate on the gains of restoration of peace in Borno State by engaging in activities that would engender sustainable economic activity, especially among  the depraved youths and women in the state.

“It is in pursuit of the bank’s policy on inclusive development and the desire to bring its products and services closer to the grassroots that necessitated the bank’s resolve to push for a partnership with the state government so as to sustain our continued effort to serve Borno State better and vastly improve on the turnaround time(TAT) for processing transactions,” he said.

“The agro-allied projects can be developed along the agrarian products such as sorghum, millet, maize, groundnut, tomatoes and water melon which are widely produced in the state,” Olagunju said.

The BoI boss maintained that the bank had invested over N407million in four small and medium enterprise projects as well as over 20 micro businesses across the state.

In his reaction, Alhaji Kashim Shettima, governor of the state, urged the management of the bank to be dispassionate in the disbursement of the fund, maintaining that the state would shield the fund away from any form of political interference.

HARRISON EDEH, ABUJA