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BoI approved N25bn loans in Q1 – Acting MD

By BusinessNews Staff on April 15, 2014

The Bank of Industry approved loan facilities valued at N25.322bn to 968 enterprises in the first quarter of this year, the Acting Managing Director/Chief Executive Officer, Mr. Waheed Olagunju, has said.

Olagunju stated this in a document made available to the Ministry of Industry, Trade and Investment on the activities of the bank.

A statement by the bank on Sunday said a breakdown of the figures showed that 98 per cent of the beneficiaries were micro, small and medium enterprises.

The BoI acting managing director said, “In line with the focus of the Nigeria Industrial Revolution Plan and National Enterprise Development Programme, all the assisted firms can potentially generate 182,926 direct and indirect jobs.

“In terms of sectors, companies that produce building materials account for N9.8bn, followed by agric-business with N5.9bn.”

Olagunju, who was appointed the acting managing director pending the announcement of a substantive MD, is the most senior executive director of the bank.

He promised stakeholders that the BoI would continue to build on the solid foundation that had been laid under the former boss of the bank, Ms. Evelyn Oputu.

Olagunju extolled the performance of Oputu and stressed that the institution would continue to operate in line with best practices to enable it to contribute effectively to the successful implementation of the NIRP and NEDEP.

The statement also quoted the Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, as commending Oputu’s leadership qualities, which he noted had brought about the rapid transformation of the BoI into a first-class development finance institution.

The statement recalled that President Goodluck Jonathan had inaugurated the NIRP and NEDEP on February 11, 2014, and described the NIRP as the most ambitious and comprehensive road map that would transform the nation’s industrial landscape as well as boost skills development, enhance job creation and conserve foreign exchange.

[Punch]

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