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BoI to support small scale enterprises with N310b, says MD

By Abimbola Fashakin, Lagos

The Acting Managing Director of the Bank of Industry (BoI), Mr. Waheed Olagunju has stated the resolve of the bank to grow the small and medium-scale enterprises (SMEs) in the country with the sum of N310 billion.

Olagunju told reporters on Sunday in Offa, Offa Local government area of Kwara State that BoI would continue to support potentially viable business enterprise, saying, “We have five years strategic plan that we adopted in 2014.

“Under that plan, we earmarked N310 billion for small and medium scale enterprises (SME) over a-five year period. So we are still committed to that plan. So we now have about three years to go in that plan which terminates in 2019.

“We still have three more years to go. We are still committed to funding majorly SMEs in the country; because that is where you have multiplier effects per unit of investment especially the agricultural sector.”

He said, “Nigeria is richly endowed with agricultural raw materials. So if you add value to agricultural produce you are producing food and also supplying raw materials to industry. Agriculture produces input for industrialization like solid mineral resources.

“I don’t know of any country in the world that is better blessed than Nigeria. It is for us to harness our potentials. Our human resources are the biggest assets, and then we have natural resource endowment.

“The multiplier effect and developmental impact vertically and horizontally is in the agricultural sector, as the value change is very extensive.”

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