Between January and September this year, Nigeria’s Bank of Industry disbursed a total of N171bn as loans to manufacturers and other sectors of the Nigerian economy.
The amount, according to the Executive Director, Corporate Services, BoI, Mr Jonathan Tobin, represents an increase of N90bn over the N81bn, which the bank gave out as loans under its intervention programmes to various sectors of the economy during the corresponding period of last year.
He confirmed the loan disbursement on Thursday during a colloquium held during the Central Bank of Nigeria’s workshop on monetary policy implementation amidst global economic protectionism, which theme was ‘Incentivising lending to boost employment-elastic sectors of the economy’.
The BoI ED said out of the N171bn loan that was disbursed by the bank during the nine-month period, the Small and Medium Enterprises sector got N23bn.
According to him, this represented an increase of N15bn over the N8bn, which the small business operators received in the whole of 2017.
He said the BoI management understood the importance of funding to the growth of small businesses, and this was why it recently got a $750m facility from 17 financial institutions to fund the Micro, Small and Medium-scale Enterprises sector of the economy.

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