We develop capacity of entrepreneurs before making credit available- BoI

The Bank of Industry (BoI) says it first develops the capacity of operators of micro, small and medium enterprises (MSMEs) before making credit available for them.

Waheed Olagunju, acting CEO and MD of the bank, said this after receiving an award for intervention funding and support for the real sector, from the Lagos Chamber of Commerce and Industry (LCCI) in Lagos.

According to Olagunju, though many entrepreneurs had been complaining about funding, the bank often placed capacity-building above financing.

“We are helping to build the capacities of MSMEs prior to making credit available for them. That is why in our Youth Entrepreneurship Support (YES) Fund, we have two phases: capacity-building and then funding,” said Olagunju.

He said the award was an indication that the society was recognising the value the development bank was creating, stressing that several organisations and agencies had high confidence in BoI and would always want to partner with the bank.

He said the bank currently managed the Central Bank of Nigeria’s N235 Billion Refinancing and Restructuring Fund, N200 Billion Power and Aviation Fund, in addition to many other funds from federal and state governments.

The BoI has launched several funds to support MSMEs and the real sector. Some of them include the CAP Fund, Fashion Fund, Nolly Fund, GEF Fund and YES Fund, among others.

Economy watchers have hailed the bank for digitalising access to funding and making it easy for entrepreneurs seeking funds.

“The primary drivers of development, including private and public sectors, community-based organisations and international organisations, appreciate what BoI is doing. They have seen the relevance of our activities and I am happy they are asking us to come on board,” Olagunju said.

ODINAKA ANUDU