The Bank of Industry, BoI, has disbursed a whooping N95 billion to 400 enterprises in the first half of 2016. The bank made this disclosure at its annual general meeting in Abuja.
The bank also said that it generated a profit after tax of N47 billion for the year ended December 31, 2015, representing an operating profit of N11.9 billion, up by 100 per cent from N6 billion achieved in 2014.
The minister of industry, trade and investment Dr Okechukwu Enelahmah, said the bank has started implementing the N140 billion Government Enterprise and Empowerment Programme (GEEP), which is an aspect of the federal government’s N500 billion Social Intervention Package, under which the bank would be responsible for identifying and disbursing soft loans to 1.6 million beneficiaries nationwide comprising mainly market women, youths, artisans and farmers.
Acting Managing Director, BoI, Waheed Olagunju, dropped the hint that as part of measures to rev up its operations, the bank was strengthening its collaboration with its foreign and domestic partners including community-based organizations to deepen the bank’s credit delivery process and financial inclusion initiatives.
According to him, the bank was on course in 2016 to surpass the N83.5 billion that was disbursed in 2015. He added that at the rate of 2.6 million jobs every year, BoI’s interventions could generate more than 10 million jobs over the next four years which is what is required to reduce the unemployment rate in the country to single digit.
