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BANKING & FINANCESOCIETY

Niger State and BoI’s N1 Billion Collaboration Creates 1,298 Jobs

BOI Loan

The Niger State Government and Bank of Industry (BOI)’s collaboration has created 1,298 jobs in the state through Small and Medium Scale Enterprises (SMEs) cluster executed in a N1 billion memorandum of understanding (MoU).

The managing director of the BOI, Mr Rasheed Olaoluwa, made this known yesterday in Minna at the inauguration of the Niger State branch of the bank along Paiko Road, Minna, by the deputy governor of the state Alhaji Ahmed Mohammed Ketso, who represented the governor, Alhaji Abubakar Sani Bello.

He stated that the MoU was signed in 2009 and the N1 billion was a 50 per cent at per matching grant with both parties releasing N300 million each, bringing the amount in the fund to N600 million.

The managing director stated that “in implementing the matching fund partnership the BOI received 263 loan applications amounting to N2.5 billion through the Niger State Ministry of Investments, Commerce and Cooperatives out of which 116 loans totalling N497 million were approved.”

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