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BOI Plans €1 Billion Facility to Support MSMEs

BoI Plans €1 Billion Facility to Support MSMEs

The Bank of Industry (BoI) has reiterated commitment towards supporting the funding needs of its customers and thereby assured them of sustained intervention with successful completion of the €1bn guaranteed facility.

Speaking to its customers in the Micro, Small and Medium Enterprises segment of the economy of more financing to grow their businesses, the Managing Director/Chief Executive Officer of the bank, Mr Olukayode Pitan, gave the assurance in Abuja miduring the 2022 SME directorate customer engagement forum.

Pitan explained that the facility, like previous ones, would be utilised to provide the much-needed medium to long term Nigerian MSMEs and large enterprises with transactions at affordable naira interest rates.

A statement said the forum, which was organised by the Bank of Industry had the theme, ‘Strategic initiatives for SMEs survival and growth in today’s dynamic and challenging macro-economic environment’.

He described the theme as apt, considering the pivotal role SMEs play as the engine room of the global economy.

The BoI boss told participants at the forum that despite the high interest rate regime in Nigeria which was fuelled by inflationary pressure, the bank would continue to support businesses with lending that was not more than 10 per cent interest rate.

He said, “This year’s customer forum is unique coming on the heels of the international customer service week which celebrates the importance of customer service and the people who serve and support customers on a daily basis.

“The bank places high premium on its customers and stakeholders, hence it created this platform where it interacts, share experience, and obtain feedback for the development of better products and services.

Click to Read: BoI Acquires $1bn Loan from International Market

“The theme for this year’s event strategic initiatives for SMEs survival and growth in today’s dynamic and challenging macro-economic environment is apt considering the pivotal role SMEs play as the engine room of the global economy.

“BoI as the largest and most successful DFI in Nigeria has continued to support SMES to generate considerable multiplier effects such as job creation, and poverty reduction both of which enhances Nigeria’s social and economic condition.”

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