BOI plans €1bn facility to support MSMEs

The Bank of Industry has guaranteed its customers in the Micro, Small, and Medium-Sized Enterprises (MSME) sector of the economy that they will have access to greater capital for business expansion.

Mr. Olukayode Pitan, the bank’s Managing Director and Chief Executive Officer, made the promise in Abuja during the 2022 SME directorate customer engagement session.Infomation Guide Nigeria

In a release, the Bank of Industry stated that the forum’s focus was “Strategic initiatives for SME survival and growth in today’s dynamic and challenging macroeconomic environment.”

Considering the crucial role that SMBs play as the engine room of the global economy, he deemed the topic appropriate.

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The head of the BOI informed conference participants that despite the high interest rate regime in Nigeria, which was fueled by inflationary pressure, the bank would continue to support firms with loans carrying an interest rate of no more than 10%.

He emphasised that the bank remained dedicated to meeting the funding requirements of its clients and assured them of ongoing intervention upon the successful execution of the €1 billion guaranteed facility.

He stated that the facility, like previous ones, will be used to assist MSMEs and major firms in Nigeria with medium- to long-term transactions at moderate naira interest rates.

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.

“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.Jamb Result 

“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.”Jamb Result 

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