BoI Begins N140b Scheme

 BoI Begins N140b Scheme

bank of industryThe Bank of Industry (BoI) has started implementing the N140billion Government Enterprise and Empowerment Programme (GEEP) Fund, which is part of the N500billion social intervention package.
Under GEEP, BoI would be responsible for identifying and disbursing soft loans to 1.6 million beneficiaries nationwide, comprising market women, youths, artisans and farmers. Based on BoI’s impressive antecedents in the management of intervention funds, the Federal Government is confident that the bank would similarly implement GEEP successfully.
The Minister of Industry, Trade and Investment, Okechukwu Enelemah, who spoke during the Annual General Meeting (AGM) of BoI in Abuja, urged the bank to brace up for increased responsibilities in the nation’s economy.
“The bank disbursed N83.5 billion to over 700 enterprises that generated almost 400,000 direct and indirect jobs during its 2015 financial year, he said, pointing out that it also posted a profit before tax of N11.947 billion.
Enelamah challenged BoI to intensify efforts at mobilising suitable financial and non-financial resources from within and outside Nigeria, as he put it, “for the transformation of Nigeria’s industrial sector in accordance with the Nigerian Industrial Revolution Plan (NIRP) that emphasises processing and adding value to Nigeria’s vast agricultural, solid minerals and petroleum resources amongst other areas of our resource endowments and comparative advantage.
“As one of Africa’s leading policy based development finance institutions (DFI), the Bank of Industry will continue to play active roles in Nigeria’s economic development. This is sequel to the recent signing into law of the 2016 National Budget.”
The Acting Managing Director BoI, Waheed Olagunju assured that the bank will continue to rev up its operations in support of government’s policies and programmes as well as those of state governments that are BoI’s development partners.
In order to deepen the bank’s credit delivery process and financial inclusion initiatives, the bank would similarly strengthen its collaboration with its foreign and domestic partners including community-based organisations.

LTV

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