The Bank of Industry (BOI) has launched a social intervention fund to aid artisans, farmers and market women at the ongoing Lagos International Trade Fair (LITF), with the needed access to funds for start-up businesses in the country.
The intervention fund according to the bank is in line with the federal government’s social intervention program to impact business men and women through accessing loans to start and expand their existing businesses at no interest rate, and it is expected to help over 100,000 people fund their daily household expenditure.
Mr. Taiye Emagha, Group Head of Treasury who represented the acting Managing Director, BOI, Mr. Waheed Olagunju at the ongoing LIlTF, BOI special day, noted that the scheme which has started across the 36 states of the federation, will go a long way to bringing many Nigerians into the inclusive financial space.
He stated; “To access this loan, associations need to get registered with the BOI where they nominate credible beneficiaries to represent them. At BOI we are focused on creating job opportunities and value addition. We will continue to develop innovative products and services to meet the growing demand of Nigerians with the aim of reducing unemployment and sustaining economic development.”
Dr. Nike Akande, President, LCCI, stated, that special day events were specially packaged to meet the aspirations and interests of investors, government agencies like BoI, foreign business partners and government delegates.
She said. “I therefore present to you this veritable platform to expose your brand to participants at this fair. The chamber is drawing attention to the need to reposition and diversify the Nigerian economy. In addition, the Chamber wishes to address the issue of value addition in Nigeria’s non-oil sector with a view to achieving industrialization, which will enable the nation to earn more foreign exchange from commodities and processing in Nigeria. We are moving away from over-dependence on oil to sectors like agriculture, solid minerals, renewable energy.
“The Bank of Industry was established with a primary function of providing financial assistance for the establishment of large, medium and small projects as well as the expansion, diversification and modernisation of existing enterprises; and rehabilitation of existing ones. Today, we are glad to join the Managing Director/CEO of BoI, Mr. Waheed Olagunju to celebrate the successes of BoI in the reduction of youth unemployment through the Youth Entrepreneurship Support (YES) Programme and several other matching and managed funds.”
She pointed out that Nigeria’s industrial sector needs credit support from development institutions like BoI to thrive in our quest for local production to reduce import and stabilize the nation’s currency, adding that the DFI is also very key in Nigeria’s efforts to improve our ranking on the World Bank’s ease of doing business ranking.