The Bank of Industry (BOI) is set to increase its partnership with research institutes and equipment fabricators that have developed indigenous technology in a bid to enhance access of small enterprises to affordable equipment.
The bank stated that at least 2,800 enterprises had received various interventions with at least one million jobs generated.
Speaking at the BoI day during the recently concluded Lagos International Trade Fair, the Managing Director of the bank, Rasheed Olaoluwa, explained that the bank had concluded plans to ensure that 30 per cent of its risk assets were accounted for by small businesses, especially those involved in agriculture, solid minerals and gas sectors.
Olaoluwa, who was represented by the Executive Director, Small and Medium Enterprises (SMEs), Waheed Olagunju, explained that the move by the bank was as a result of the need to increase the production capacity of the country rather than continued reliance on foreign economies.
“Today, BoI has re-strategised to bring the bank closer to customers. We have increased our focus and intervention to the SME sector. With a staff profile of at least 200 years combined experience in development financing, we hope to address the growing needs of our customers”, he added.
He justified the need to carry out an upward review of the loanable funds in a manner that would enable the sector to create more jobs and generate wealth. “We have met with Business Development Service Providers to address the large percentage of substandard loan applications as we have discovered that a good way out is to engage with BDSPs who will receive the applications and help review them so that they understand how a bankable proposal should look like,” he said.
