Business
4.2m Enterprises Benefit From BoI N1trn Monetary Disbursement – Buhari
No fewer than four million enterprises have reportedly benefited from monetary disbursement of over N1.24 trillion by the Bank of Industry.
The beneficiaries were drawn from micro, small, medium and large enterprises in the country, Naija News understands.
The disclosure was made by President Muhammadu Buhari on Thursday at the commissioning of the Second Tower of the BoI building, in Abuja.
The President while hailing the BoI estimated that the bank has created over nine million jobs in the last seven years.
The initiative according to the President was adopted to reflate the Nigerian economy.
President Buhari said BoI has continued to successfully execute its mandate as a policy institution of the Federal Government, extending single-digit interest rate loans to manufacturers.
He also lauded the management of the Ministry of Industry, Trade and Investment and the BoI for what he described as invaluable contributions to the economic development of the country and the wellbeing of Nigerians.
“To further enhance its capacity to impact the industrial sector on a transformational scale, I approved the issuance of a sovereign guarantee to help the bank raise funds in the Euro bond market.
“I am glad to note that the bank has recently completed the transaction by raising 750 million Euros from international investors.
“The proceeds of this Eurobond will be disbursed to large, medium & small enterprises, and women entrepreneurs with bankable projects.”
Buhari again said it is delighting to know that the bank sources its own funds for lending based on its investment-grade ratings by the rating agencies.
