News Column

BoI Approves N25.322 Billion Loans in First Quarter

April 28, 2014

Phillip Oladunjoye

Acting Managing Director/Chief Executive Officer of the Bank of Industry (BoI), Waheed Olagunju, has said that the bank has approved loans valued at N25.322 billion to 968 enterprises in the first quarter of 2014.

He made this disclosure in a feedback document made available to the Ministry of Industry, Trade and Investment while briefing the supervising Ministry on the activities of BoI.

A breakdown of the figures shows that 98 per cent of the beneficiaries are Micro, Small and Medium Enterprises.

"In line with the focus of the Nigeria Industrial Revolution Plan (NIRP) and National Enterprise Development Programme (NEDEP), all the assisted firms can potentially generate 182,926 direct and indirect jobs. In terms of sectors, companies that produce building materials account for N9.8 billion, followed by agri-business with N5.9 billion," the Acting MD said.

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Source: AllAfrica