BOA Grants N10.4million Loan To Aba Leather Manufacturers

Bank of Agriculture, BOA, has released a loan facility of N10.4 million to manufacturers of leather products in Aba.

Seven cooperative groups have received the loan from the BOA in the second phase of the loan disbursement programme to members of the Leather Products Manufacturers Association (LEPMAS), Abia state.

The loan facility, which was facilitated by Market Development in the Niger Delta, MADE, an intervention agency of the British DFID, was part of efforts aimed at encouraging manufacturing and standardisation of finished leather products in the commercial city of Aba.

Speaking during the loan disbursement in Aba, the Intervention Manager, MADE, Adeyinka Abimbola said that it was a recent addition in the intervention programmes of the agency in recognition of the “hard work” of Aba artisans in manufacturing of shoes, bags, belts and other finished leather products.

He said that even though MADE was not engaged in direct intervention, it decided to partner BOA to provide loan facilities for those involved in finished leather products because the bank offers the lowest interest rate.

“Our joy is to see you grow to compete with global products and standards,” he told members of LEPMAS, even as he implored them to demonstrate their integrity in small loans in order to attract bigger loan facilities.