Bank of Industry Approves N903 Million as Loans for MSME development in Gombe State

The Managing Director, Bank of Industry, Mr. Rasheed Olaoluwa, has that the bank approved a total sum of N903.4m for the development of Micro, Small and Medium Enterprises in Gombe State.

Olaoluwa disclosed this during the inauguration of the BoI office in the state, where he noted that 80% of that amount, N722.7m, was approved specifically for the agro-processing sector of the economy.

According to him, the bank had been able to create a total of 1,900 direct and indirect jobs in the state through various projects being financed from the loan.

The BoI boss said that the identification of the State as a major hub of commodity-based industrial clusters in the North East would mean that the bank would concentrate its lending efforts on major industrial clusters such as meat processing, metal fabrication, rice milling and groundnut oil production, among others.