The Bank of Industry on Saturday disclosed that it had so far supported sectors like agro-processing; solid minerals and metals; gas, energy and petrochemicals; and creative industry/gender with over N670bn.
The Managing Director, BoI, Mr Rasheed Olaoluwa, who gave this revelation during a presentation made at the fourth annual workshop in Abuja with the theme ‘Building a greater nation through sustained transformation’, stated that the fund was approved for sectors which the bank considered important in terms of creating wealth, reducing unemployment and stimulating the economy.
“Through the fund, the bank had been able to create a total of 1.91 million jobs, adding that more jobs would still be created within the short to medium term,” he said.
He said through the N471bn, the enterprises were able to create a total of 1.01 million jobs.
The managing director said the amount was used for the refinancing of commercial banks’ exposure to Small and Medium Scale Enterprises in manufacturing sector as well as refinancing of commercial banks’ exposure to companies in the pwer and aviation sectors.
For the agro-processing sector, the BoI boss said N125bn was disbursed to 1, 949 enterprises.