The Nation Newspaper

Tag: Bank of Industry

  • Alhassan showcases govt empowerment programmes at UN

    The Federal Government on Thursday in New York, showcased the social intervention programmes put in place by the administration of President Muhammadu Buhari specifically, to empower women in the country.

    The Minister of Women Affairs and Social Development, Sen. Aisha Alhassan, at a side event hosted by Nigeria at the ongoing UN Commission on Status of Women, said women’s financial exclusion was becoming a thing of the past.

    The UN Correspondent of the News Agency of Nigeria (NAN) reports that the theme of the event was “Financial Inclusion: Boosting Women’s Empowerment in Changing Economy through Government Enterprises and Empowerment Programme”.

    “The Government of President Muhammadu Buhari is conscious of the need to fully integrate women as active participants in the Nigerian economy by expanding their access to credit.

    “In this regard, the Government has rolled out several gender-based social palliatives that would both empower women, and liberate them from the clutches of poverty.

    “The overall aim of President’s Social Investment Programme is to ensure that the human rights of women and girls are facilitated through a range of transformative, comprehensive and inclusive platforms,” she said.

    She said her ministry recognized the enormous contribution of the informal economy sector, which is largely populated by women.

    In view of this the ministry,  in collaboration with other Ministries, Departments and Agencies, had carried out various forms of intervention programmes geared towards supporting women’s entrepreneurship development.

    “I am happy to announce to this gathering that to further consolidate on these initiatives and reaffirm his commitment towards improving the productivity and livelihood of Nigerian women, the present administration, under the leadership of President Mohammadu Buhari recently launched a N1.6 billion special intervention fund – National Women Empowerment Fund.

    “The Fund is aimed at supporting grassroots women operating informal businesses by providing start-up and scale-up credit for them.

    “The programme has been rolled out and expected to target about 10,000 women per state.

    “Through this project, an estimated 450,000 dollars is to be disbursed per state through active and functional cooperative, local trade associations and other community based groups.”

    She said there was “a recommitment to utilize 60 per cent of the N697 billion Micro and Small Medium Enterprise Fund for women.

    “In addition, the Victims Support Fund, which raised about 625 million dollars for the rehabilitation of victims of Boko Haram will benefit children and women who constitute majority of the victims”.

    The Minister said the Federal Government was also scaling up the training and empowerment of Internally Displaced Persons, especially women and girls in the affected states.

    “Other laudable interventions wothy of mention include the gender responsive budgeting model, which was piloted in five Ministries, Departments and Agencies namely Agriculture, Health, Water Resources, Works and Communication Technology with a record of 3.6 million beneficiaries till date.

    “There is also the major initiative, which is the Growing Girls and Women Initiative in Nigeria (G-Win) E-Wallet Agro initiative, which provided subsidized agro-inputs to women in agribusiness.

    “So far, two million registered women have benefitted from this scheme,” Alhassan said.

    To enhance rural development, the Rural Finance Institution Building Programme has been put in place to boost income and general living conditions for rural households, particularly female headed households, she said.

    The minister added that the programme was in addition to the establishment of the Entrepreneurship Development Centres, which are building the capacity of women.

    “The initiative has so far created 2,078 women enterpreneurs, representing 51 per cent of the beneficiaries.

    “The FADAMA Irrigation project has also been extended to a third phase to increase the income of users of rural land and water resources, especially women,” she said.

    NAN reports that some of the institutions that are responsible for the implementation of the social intervention programmes, namely Central Bank of Nigeria and Bank of Industry, provided further information on requirements to accessing the funds.

    NAN also reports that the side event was attended by Wives of Governors, Commissioners, legislators, women civil society groups and representatives from other African countries.

    The representative of Burundi, specifically, appealed to Nigeria to use its strategic position on the continent to push for the establishment of a continental bank for women to further empower them.

  • FG to tackle constraints in textile sector–Abubakar

    FG to tackle constraints in textile sector–Abubakar

    The Minister of State, Industry, Trade and Investment, Hajia  Aisha Abubakar, said that government is implementing plans to tackle some of the industrial constraints in the nation’s textile sector.

    Abubakar disclosed this after a weekend tour of  textile factories in Kano and at a forum organised by the Bank of Industry.

    She said that government has identified several issues including gas supply, smuggling and counterfeiting as constraints which would be addressed to revive the textile industry in the country.

    Abubakar said that government will also promote  patronage of made in Nigeria products by agencies of government  .

    ” Some of the issues we are trying to address are the issues of smuggling and counterfeiting and gas supply to the North.

    “We are also trying to address the issue of patronage. On the issue of patronage, I am sure that by next year we will see more results because they also told us that special interests have come forward to them,” Abubakar said.

    She urged the operators to articulate their thoughts on how to move the industry forward and ensure that the critical role of the sector in the nation’s economy is sustained.

    The Minister said that  some of the things textiles manufacturers were  asking for during the visit were not in line with government thinking at the moment.

    According to her, there was the need for stakeholders to find a common ground that would ensure that stakeholders are accountable and responsible for achieving the needed growth in the industry.

    Abubakar noted that the Export Expansion Grants (EEG) previously offered as incentives  by government was grossly  abused by stakeholders.

    According to her,  the government was looking at bringing EEG back in an entirely different way for better and effective implementation.

    “You know the EEG was so much abused. The EEG is going to come back but it is going to come back in a different way.

    “And I don’t know what is going to happen to what is outstanding. We are trying to look at different ways to make it easy for those who have really done what they were supposed to do.

    “A lot of verifications, an audit is still ongoing for us to see what we can do because we generally believe in EEG.

    “But the implementation of it has not been done well. There is no government that can do anything without incentives, so EEG is coming back,” she added.

    The forum was organised by the Bank of Industry (BoI), titled “the role of financial institutions in driving the industrial development of a nation: A – Z of accessing BoI’s credit facility.

    Apart from this, the development finance institution has been at the vanguard of reviving the once moribund sector, having approved loans to over 70 projects in the cotton textile and garment value chain.

    The Minister visited five textile manufacturing plants including African Textile Manufacturing Limited, Nigerian Spinners and Dyerrs‎ Limited, Tofa Textile Limited, Tertex Nigeria Limited, and Adhama Textile and Garment Industries  Limited.

    The Minister was accompanied by the President of MAN, Dr Frank Jacobs  and the General Secretary, Union of Textile, Garment and Tailoring Workers of Nigeria, Comrade Issa Aremu‎.

  • Sokoto signs MoU to establish N2bn industrial fund

    Sokoto signs MoU to establish N2bn industrial fund

    To actualise a sustainable industrial development base, the Sokoto government on Thursday signed a Memorandum of Understanding with the Bank of industry for the establishment of a N2 billion industrial development fund in the state.

    Speaking at a brief signing ceremony of the MoU in Sokoto, Governor Aminu Waziri Tambuwal said the two parties will provide a billion Naira each, while the fund will focus on micro, small and medium scale enterprises.

    Tambuwal in a statement issued by his spokesman, Malam Imam Imam, said the focus on SMEs was important because they are   critical component in implementing the industrialization policy of his administration.

    “Sokoto state government is determined to give the people all the required support to improve their businesses. I urge our entrepreneurs, businessmen and women to take advantage of this opportunity to enhance their capacity and improve on their businesses for effective service delivery,” he said.

    The Governor said in order to ensure maximum benefit, government will only recommend those who have the capability to judiciously utilise the funds.

    Tambuwal reiterated the government’s commitment to implement the terms of the agreement and assured that the efforts will yield positive results.

    Also, the BoI’s Acting Managing Director, Mr Waheed Olagunjo said the matching fund was intended to positively impact on the industrial development of Sokoto state.

    He added that the synergy created between the two parties would provide a veritable platform for Sokoto State to experience accelerated economic growth and transformation.

    While thanking the Governor for giving BoI an office accommodation in Sokoto, Olagunju said the bank will continue to support the business community in the state so as to improve their economic well-being.

  • Bank of Industry visits filmmaker on set

    Bank of Industry visits filmmaker on set

    Having financed top film projects such as Biyi Bandele’s Half of a Yellow Sun, Michelle Bello’s Flower Girl and Kunle Afolayan’s The CEO, the next indication of Bank of Industry (BOI)’s support for Nollywood has emerged in Queen Amina, a period story of the legendary Hausa Muslim warrior queen of Zazzau.

    Top officers of the Bank; Mrs. Cynthia Nwuka, Group Head, Creative Industry and Mr. Okey Madu, Assistant Manager were, last weekend, at Shere, a desert and current set of the movie located in Jos, Plateau State, where more than 200 cast and crew members were shooting a war scene that exemplifies one of the travails of the historical queen, played by Lucy Ameh.

    Produced by Okey Ogunjiofor of the Living in Bondage fame, Queen Amina is the second in production, in the series of more than a dozen film projects which have already received a nod from the development bank under the BoI Nollyfund (BNF) scheme, an initial program limit of N1.0billion in easy-access single-digit interest loans.

    Nwuka and Madu arrived the location in the company of veteran Hausa actor and member of the Advisory Board of NollyFund, Alhaji Sani Muazu, and were received by Ogunjiofor and the director of the movie, Mr. Izu Ojukwu, a notable director of epic movies in Nigeria.

    Ogunjiofor who got N50million from BOI for the project was glad to receive the Bank’s officials, introducing cast and crew members as he conducted his quests round some of the equipment on set.

    It was an unusual site for a typical Nollywood film, with state-of-the-art equipment, soundless generating set, location vans, original props, period costumes, and passionate cast and crew members who were excited by the opportunity of being part of a global African story.

    Ogunjiofor, who produced the acclaimed Nollywood pathfinder, Living in Bondage in 1992 is optimistic that this next major project, although coming 20 years after, will make him more prominent than his first movie.

    “I have researched the story of Queen Amina in the last 20 years, and I’m glad that the opportunity to bring it to life has finally come,” he said.

    Nwuka encouraged Ogunjiofor to be steadfast despite the challenges he might encounter in the course of the movie. “You are likely to encounter some challenges as it is with every production. But when that happens, let us know on time so that we can join hands to block it and move on. Before we got to this level with the Nollyfund, it wasn’t easy. I have always said that if Kene Mparu of Filmhouse did not prove that the feat we have attained with Nollywood now is possible; if Kene didn’t run with this assignment, we won’t be where we are today. So we should make it possible so that others coming behind can take it further,” she advised.

    Ogunjiofor however described the cast and crew as die-hard people who would surmount the challenges of the terrain to ensure a successful output. “We are working, and I can assure you that when you see what we have done, you would beat your chest and say we are in the right direction.”

    On the composition of the actors, Ogunjiofor said: “I’m using all-Northern cast to tell this story. I’m using a mixture of Nollywood and Kanywood to build a bridge. What I did for Nollywood in the South that has created a huge industry is what I’m transferring to the North so when I leave the North after this production, the North will never be the same again because all the people we have trained now on how to ride horses and fight with the sword are not Igbos neither are they Yorubas. They are all from this side and these skills are with them now. We are doing this film right in their presence and a lot of them are getting trained at the same time. So, when we leave they won’t go back to doing less of what they are doing now and I am happy that the superstars of the North are all here,” he said, referring to the likes of Ali Nuhu and Sani Danja. “And we have the permission of anybody who is ‘anybody’ in the North in terms of royal lineage for this story, so there is no stopping us,” he told Nwuka.

    The ace producer also spoke highly of his crew members whom he said are experts in their various fields. They include, Izu Ojukwu who is the driver of the whole picture; Peter Kreil, a specialist in lighting and pictures from Austria who is the DOP;  Dagogo Diminas who is handling Make-up and Millicent Jack who is in charge of costumes.

    Ogunjiofor expressed his gratitude to all partners when he said, “Of course we are in collaboration with Clink Studio and our back bone is Bank of Industry, and a little support from with Project Act-Nollywood. So, these are the people who are making my dreams to come true. There are so many other ones; I have the permission of the Emir of Zazzau because, of course this is his story. Washington has been on this case with me for a long time but I am happy that very soon they will be happy that what they have always wanted to do with me is seeing the light of the day.”

    Nwuka expressed satisfaction at the level of work so far on the project, saying that the passion of the filmmakers can only encourage BOI to continue its support for Nollywood.

    “We are optimistic that filmmakers like you with track record of quality will prove it again. And this can only help to expand the Nollyfund scheme from the initial N1.0billion earmarked. It is our believe that as we produce international standard movies through this partnership, there would be the need to expand our chain of exhibition outlets such as Filmhouse, Viva cinemas, Ozone cinemas and others in the country, even as we get the best out of our accredited indigenous movie studios,” she said.

    Expressing confidence on the project, Nwuka said she was on location to show her Bank’s support for the cast and crew.

    Despite the perceived dearth of auditable business structure among Nollywood practitioners, BoI’s support for the motion picture industry has evolved in a series of joint investments with filmmakers through a well-guided easy-access single-digit interest loans.

    The special product enables Nigeria’s leading movie producers receive financial support to produce international quality films and screen them through various platforms of movie distribution available both in Nigeria and internationally.

    During an interactive session with Bank of Industry’s Divisional Head, Large Enterprises, Mr. Babatunde Joseph, at the just concluded Africa International Film Festival, AFRIFF, he noted that the NollyFund was created to give an opportunity to Nollywood stars and fillmakers to make films, tell their stories and also make their profit, while helping them with various distribution platforms in Nigeria and Africa at large.

    Interestingly, the Bank has already accredited some reputable Distributors such as G-Media, Filmone Distribution Company, Silverbird Distribution Company and Genesis Deluxe Distribution Company, as well as  Studio Operators such as Fans Connect Online Nigeria Limited (i.e. Afrinolly), Kingsley Ogoro Productions Limited and 4Screams International Nigeria Limited) to support this initiative.

    It would be recalled that the Bank of Industry had in the recent past, financed creative-industry projects such as Half of A Yellow Sun, Flower Girl, Digitization of Silverbird Cinemas, G-media and establishing of Filmhouse Cinemas, Viva Cinemas and Ozone Cinemas among others.

  • Bank of Industry visits filmmaker on set

    Bank of Industry visits filmmaker on set

    •As shoot of Queen Amina continues in Jos 

    Having financed top film projects such as Biyi Bandele’s Half of a Yellow Sun, Michelle Bello’s Flower Girl and Kunle Afolayan’s The CEO, the next indication of Bank of Industry (BOI)’s support for Nollywood has emerged in Queen Amina, a period story of the legendary Hausa Muslim warrior queen of Zazzau.

    Top officers of the Bank; Mrs. Cynthia Nwuka, Group Head, Creative Industry and Mr. Okey Madu, Assistant Manager were, last weekend, at Shere, a desert and current set of the movie located in Jos, Plateau State, where more than 200 cast and crew members were shooting a war scene that exemplifies one of the travails of the historical queen, played by Lucy Ameh.

    Produced by Okey Ogunjiofor of the Living in Bondage fame, Queen Amina is the second in production, in the series of more than a dozen film projects which have already received a nod from the development bank under the BoI Nollyfund (BNF) scheme, an initial program limit of N1.0billion in easy-access single-digit interest loans.

    Nwuka and Madu arrived the location in the company of veteran Hausa actor and member of the Advisory Board of NollyFund, Alhaji Sani Muazu, and were received by Ogunjiofor and the director of the movie, Mr. Izu Ojukwu, a notable director of epic movies in Nigeria.

    Ogunjiofor who got N50million from BOI for the project was glad to receive the Bank’s officials, introducing cast and crew members as he conducted his quests round some of the equipment on set.

    It was an unusual site for a typical Nollywood film, with state-of-the-art equipment, soundless generating set, location vans, original props, period costumes, and passionate cast and crew members who were excited by the opportunity of being part of a global African story.

    Ogunjiofor, who produced the acclaimed Nollywood pathfinder, Living in Bondage in 1992 is optimistic that this next major project, although coming 20 years after, will make him more prominent than his first movie.

    “I have researched the story of Queen Amina in the last 20 years, and I’m glad that the opportunity to bring it to life has finally come,” he said.

    Nwuka encouraged Ogunjiofor to be steadfast despite the challenges he might encounter in the course of the movie. “You are likely to encounter some challenges as it is with every production. But when that happens, let us know on time so that we can join hands to block it and move on. Before we got to this level with the Nollyfund, it wasn’t easy. I have always said that if Kene Mparu of Filmhouse did not prove that the feat we have attained with Nollywood now is possible; if Kene didn’t run with this assignment, we won’t be where we are today. So we should make it possible so that others coming behind can take it further,” she advised.

    Ogunjiofor however described the cast and crew as die-hard people who would surmount the challenges of the terrain to ensure a successful output. “We are working, and I can assure you that when you see what we have done, you would beat your chest and say we are in the right direction.”

    On the composition of the actors, Ogunjiofor said: “I’m using all-Northern cast to tell this story. I’m using a mixture of Nollywood and Kanywood to build a bridge. What I did for Nollywood in the South that has created a huge industry is what I’m transferring to the North so when I leave the North after this production, the North will never be the same again because all the people we have trained now on how to ride horses and fight with the sword are not Igbos neither are they Yorubas. They are all from this side and these skills are with them now. We are doing this film right in their presence and a lot of them are getting trained at the same time. So, when we leave they won’t go back to doing less of what they are doing now and I am happy that the superstars of the North are all here,” he said, referring to the likes of Ali Nuhu and Sani Danja. “And we have the permission of anybody who is ‘anybody’ in the North in terms of royal lineage for this story, so there is no stopping us,” he told Nwuka.

    The ace producer also spoke highly of his crew members whom he said are experts in their various fields. They include, Izu Ojukwu who is the driver of the whole picture; Peter Kreil, a specialist in lighting and pictures from Austria who is the DOP;  Dagogo Diminas who is handling Make-up and Millicent Jack who is in charge of costumes.

    Ogunjiofor expressed his gratitude to all partners when he said, “Of course we are in collaboration with Clink Studio and our back bone is Bank of Industry, and a little support from with Project Act-Nollywood. So, these are the people who are making my dreams to come true. There are so many other ones; I have the permission of the Emir of Zazzau because, of course this is his story. Washington has been on this case with me for a long time but I am happy that very soon they will be happy that what they have always wanted to do with me is seeing the light of the day.”

    Nwuka Olaoluwa expressed satisfaction at the level of work so far on the project, saying that the passion of the filmmakers can only encourage BOI to continue its support for Nollywood.

    “We are optimistic that filmmakers like you with track record of quality will prove it again. And this can only help to expand the Nollyfund scheme from the initial N1.0billion earmarked. It is our believe that as we produce international standard movies through this partnership, there would be the need to expand our chain of exhibition outlets such as Filmhouse, Viva cinemas, Ozone cinemas and others in the country, even as we get the best out of our accredited indigenous movie studios,” she said.

    Expressing confidence on the project, Nwuka said she was on location to show her Bank’s support for the cast and crew.

    Despite the perceived dearth of auditable business structure among Nollywood practitioners, BoI’s support for the motion picture industry has evolved in a series of joint investments with filmmakers through a well-guided easy-access single-digit interest loans.

    The special product enables Nigeria’s leading movie producers receive financial support to produce international quality films and screen them through various platforms of movie distribution available both in Nigeria and internationally.

    During an interactive session with Bank of Industry’s Divisional Head, Large Enterprises, Mr. Babatunde Joseph, at the just concluded Africa International Film Festival, AFRIFF, he noted that the NollyFund was created to give an opportunity to Nollywood stars and fillmakers to make films, tell their stories and also make their profit, while helping them with various distribution platforms in Nigeria and Africa at large.

    Interestingly, the Bank has already accredited some reputable Distributors such as G-Media, Filmone Distribution Company, Silverbird Distribution Company and Genesis Deluxe Distribution Company, as well as  Studio Operators such as Fans Connect Online Nigeria Limited (i.e. Afrinolly), Kingsley Ogoro Productions Limited and 4Screams International Nigeria Limited) to support this initiative.

    It would be recalled that the Bank of Industry had in the recent past, financed creative-industry projects such as Half of A Yellow Sun, Flower Girl, Digitization of Silverbird Cinemas, G-media and establishing of Filmhouse Cinemas, Viva Cinemas and Ozone Cinemas among others.

     

  • BoI okays N903.4m loan for SMEs in Gombe

    BoI okays N903.4m loan for SMEs in Gombe

    The Bank of Industry (BoI) has approved N903.4million for Micro, Small and Medium Enterprises (MSME) in Gombe State.

    Its  Managing Director,  Mr. Rasheed Olaoluwa, who spoke  during the inauguration of BoI’s new office in the state, said agro-processing accounted for 80 per cent of the loan portfolio.

    In a statement, Olaoluwa was quoted to have said so far, projects  being financed through loans from the bank  created 1, 900 direct and indirect jobs in Gombe State.

    ”Shortly after his assumption of office on May 2011, the Governor of Gombe State expressed the desire for partnership with BoI as a vehicle for accelerating the socio-economic development of Gombe State.

    “In order to actualise the partnership, he made a pledge to contribute the sum of N500million towards the establishment of a N1.0 billion Entrepreneurial Development Fund which was to be matched in like sum by BoI.

    “The first tranche of the state’s contribution to the matching fund in the sum of N250million was released in August 2011. This amount was equally matched by BoI thereby creating an initial pool of N500million for on-lending to entrepreneurs in the state.”

    He said by this gesture, Gombe emerged the first in the Northeast to collaborate with the BoI in entrepreneurial development under the states’ Matching Fund Scheme.

    He  said: “I am pleased to inform you that to date, a total sum of N903.4million was approved for 171 projects. However, because the available matching fund was N500million, only 55 per cent of the approved loan amount could be funded under the Matching Fund Scheme. It is evident that there is an urgent need for the state government to release its outstanding contribution of N250million to the Matching Fund.

    “Notwithstanding, BoI had disbursed N110million to 16 enterprises in the state from its own resources. In terms of impact, 1,277 direct and 623 indirect jobs totalling 1900 were created. Gombe State is a predominantly agrarian state and this is evidenced by the fact that, 80 per cent of the approved loans was committed to agro-processing, while 20 per cent was for other sectors such as beverages, construction products, plastic and chemical products.”

    The BoI chief noted that given the fact that the state  had been identified as a major hub for  commodity-based industrial clusters within the Northeast, the bank  would concentrate its lending efforts in major industrial clusters such as meat processing, metal fabrication rice milling and  groundnut oil production, among others.

    According to him, to deepen its developmental impact in the country, BoI has identified 34 product clusters nationwide, adding that  Gombe, being a major hub for clusters in the Norteast, would be a beneficiary of the initiative.

  • BoI suppots backward integration efforts of rice millers

    BoI suppots backward integration efforts of rice millers

    Efforts to scale up cur rent rice paddy production capacity has been boosted by the Bank of Industry (BoI).

    Managing Director of BoI, Rasheed Olaoluwa expressed the bank’s commitment to the project after an inspection tour of the 42,000 capacity Tara Rice Mill and its subsidiary 1,200 hectares of rice farm in Adani, Uzo Uwani Local Government Area of Enugu state.

    He said with support for rice millers  and sustained investments in rice backward integration programme; Nigeria will attain a net exporter status in the short to medium term.

    Olaoluwa said Nigeria had embarked on a revolution in terms of rice production especially with the recent Memorandum of Understanding (MoU) it signed with the Federal Ministry of Agriculture and Rural Development, which centred on the development of 10 medium sized mills with the capacity of 36,000 metric tonnes each and six high quality cassava flour mills across the country.

    He stated that the visit to Ndani, Enugu state was part of Federal Government’s effort to ensure that the objective of turning Nigeria from a major importer into a net exporter of rice was achieved.

     

  • Bank of Industry, Kaduna seal pact to boost SMEs

    Bank of Industry, Kaduna seal pact to boost SMEs

    The Bank of Industry (BOI) and the Kaduna State Government have signed an agreement to raise N1billion Entrepreneurial Development Fund (EDF) to boost the operation of small-scale businesses in the state.

    This is even as the development bank put the total loan portfolio to small and medium enterprises (SMEs) in Kaduna State till date at N23.6billion.

    Based on the term of the agreement, the Kaduna State Government raised the sum of N500million, while BOI matched it up with another N500million, totalling N1billion.

    The fund, which would be given out as soft loans, is aimed at empowering small businesses in the state to, among other things, enable them process the abundant agricultural products that abound in the state, thereby arresting the colossal post-harvest losses occasioned by lack of crop preservation capacity.

    Speaking during the signing of the MoU, the managing director, Bank of Industry, Mr. Rasheed Olaoluwa, stated that the pool of funds which would be given out as loans to SMEs operators would help to boost commercial activities in the state.

    Apart from helping to empower the people of Kaduna State, the MD also noted that the injection of the fund would have multiplier effect on the people of the state while complementing the poverty reduction programme of the present administration.

    Apart from the N1billion loan deal, Olaoluwa said the bank had given out N23.6billion soft loan in support of small businesses in the state.

    He expressed the commitment of the bank to continue to help small businesses not only in the state, but also across the 36 states in the country, including the Federal Capital Territory (FCT), adding that that was the surest way Nigeria could consolidate its status as the economy hub of Africa.

  • BoI restates commitment to SMEs financing

    Ms Evelyn Oputu, the Managing Director of Bank of Industry (BoI), has assured stakeholders involved in small and medium scale enterprises (SMEs) of her organisation’s commitment towards driving the growth of small businesses across the country in terms of finance.

    According to her, this becomes necessary in view of the contending challenges bedevilling the sector, hence, the urgent need to address the problems affecting them, especially power and other infrastructural challenges as these are common drawbacks for most small businesses.

    Some of the major challenges that need to be addressed immediately for the sub sector to thrive, she stressed, “include finding solutions to the high cost of doing business occasioned by poor infrastructure (power, roads, water), multiple taxation, high cost of legal documentation of credit facilities at both the states’ lands registries and the Corporate Affairs Commission (CAC), bureaucracy in obtaining title to land and state governors’ consent to mortgage property.”

    These challenges, if not tackled, she noted, could “also lead to inadequate capacity building on the part of the SMEs in the areas of entrepreneurship and skills acquisition, resulting in the perception of the sector as high risk and poor attitude to loan repayment by borrowers in the sector.”

    She therefore advised that there is need to adopt a cluster approach to micro, small and medium enterprises (MSMEs) development by setting up industrial/cluster parks with all the necessary amenities.

    The BoI boss while stressing that the focus of SMEs financing should be targeted at entrepreneurs that would convert the country’s comparative advantages in the utilisation of local resources into competitive advantages, emphasised such measures would fast track the generation of employment and the re-establishment of the middle class in the society and targeted at the specialised SMEs that have linkages with large firms, or that belong to clusters, as well as women entrepreneurs.