Bank Of Industry Disburses N36bn to Agro-Allied Sectors In 2016

The Bank of Industry (BOI) has disclosed that it has disbursed over N36 billion within nine months in 2016 to agro-allied sector of the economy in the country.

Speaking at the Lagos International Trade Fair SMEs forum organized by the bank over the weekend, Regional Head, BOI, Mr. Obaro Osa disclosed that the bank plans to move its loan advances from $2.7 billion in 2014 to $5.4 billion in 2019 in order to drive home its mission statement.

He said: ‘‘it is imperative to know that BOI’s non-performing loan ratio is less than 4 per cent. Our mission is to transform Nigeria’s financial space by supporting the large, the medium and small scale in a bid to bring life to entrepreneurship”.

He noted that the bank is hell bent on expanding its footprints from 15 state offices to 19 offices, revealing that it has a significant project for those in exports.

Graduate Employment Fund focuses on Youth Corpers with a minimum of N2 million whereas the YES programme focuses on youth between the ages 18 and 35 with a minimum of OND and N5 million.

Also speaking at the forum, Mr. Joy Akinlolu, admonished business owners to uphold the skill of clarity in high esteem in order to achieve maximum result.

He said that the short-cut to sales is clarity and there is utmost need to be clear in mind, adding that it is indispensable to also identify the exact type of people being targeted recognizing that they have both internal and external targets.

According to him “identifying your top 4 per cent and top 20 per cent customers and focus your energy on them, handle every lead opportunity properly, offer your customers more services and more opportunities to do business with you, focus on NICHES, up sell, implement, communicate more with your customer, don’t give up, rinse repeat and profit” are the thriving strategies out of the present recession”.

The Chief Promoter, Current Foams Industries & Chemical limited, Mr. Godwin Umeugoji lamented that Nigerians has business in mind, not in attitude and therefore advocated commitment, time-consciousness and hard work for smooth running of business in the country.

Nigerians should stop denigrating their own products at the expense of foreign products because by this the Nigerian market would be greatly turned around.

He concluded saying “BOI is God-sent to Nigeria because they are really touching lives.

Considering the theme of the 2016 LITF SME forum is “Powering MSMEs out of recession, we recommend the SMEs stay innovative through introduction of new products and deployment of technology, participation at trade fairs to explore new happenings in the markets and investigating new sources of raw materials that do not require foreign exchange”.

We are called to look inward and patronize our local materials”.

He said that the Bank of industry was established with a primary function of providing financial assistance for the establishment of large, medium, and small projects as well as the expansion, diversification and modernization of existing enterprises, and rehabilitation of existing ones.

We are glad to join the Acting Managing Director, Waheed Olagunju to celebrate the success of the various special intervention funds aimed at youth and women entrepreneurs towards job creation and industrialization”.

The President Lagos Chamber of Commerce and Industry (LCCI), Dr. Nike Akande, advocated that Nigeria’s industrial sector needs credit support from development institutions like BOI to thrive in the quest for local production to reduce import and stabilize the currency.

The Bank of Industry is also very key in Nigeria’s efforts at improving our rankings on the World Bank’s Ease of Doing Business Ranking.’’

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