Dissatisfied with the current 15 per cent loanable funds for small scale businesses in
Minister of Trade, Industry and Investment, Mr.
Aganga said the need for the upward review of the loan portfolio could not be over-emphasised in view of the multiplier effects of Small,
He said: "The current arrangement where less than 15 per cent loanable funds is being set aside for MSMEs need is unacceptable and must be reviewed upwards having regard to the potential of the sector to create jobs and generate wealth
"The practice in
In line with the administration's quest to leverage on the nation's new economic status to manifest on the people's lives, the minister urged the board members to brace up for working, adding that his ministry track the performance of the board on a quarterly basis.
"I expect your board to forward to me quarterly progress reports showing performance in the quarter and year to date with details of analysis of loan book by gender, by sector, impact on
In order to achieve the desired results, Aganga charged the board to formulate good policies, set target, monitor project and programmes that would drive the operations of the bank and encourage growth in priority sectors of the economy.
The minister urged the newly constituted board to work with other sector players with a view to achieving government's vision in establishing the bank.
"The bank and its board are expected as partners, in the business sphere, to share in the common national vision towards achieving those objectives for which the bank was established.
"This should and must be done with every sense of duty to ensure striking a balance between the bank's quest for higher dividends and its social obligation to the nation," Aganga stressed.
In his remarks, Chairman of the board,
Rabiu said that the bank was committed to its mandate of supporting industrialization of the nation's economy.
Responding to questions, the new Managing Director/Chief Executive of BoI, Mr.
Olaoluwa said the task of increasing the contribution of the manufacturing sector to
For the bank to effectively deliver on its mandate, he said the institution would have to work closely with other relevant stakeholders towards addressing the non-financial issues facing the manufacturing sector and
"Urgent steps would have to be taken to improve on BoI's service delivery to enable it meet the unemployment challenges facing the country especially in the areas of wealth and job creation", the managing director added.
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