Ecobank Nigeria and Bank of Industry Limited have signed a memorandum of understanding to cooperate in deepening financial services delivery to micro, small and medium enterprises in Nigeria.
The managed funds under the portfolio of the Bank of Industry (BOI) has hit N44.6 billion as at the end of 2015 financial year.
The Bank of Industry (BoI) has commissioned a 24KW micro-grid solar system in Charwa/Chakun, an off-grid community in Markafi local government area of Kaduna State.
As Nigeria continues to struggle with the plunge in oil and commodity prices, drop in China's purchases and decline in GDP growth rates across the continent, the Bank of Industry (BoI) has stated that its intervention would be geared towards supporting investments in the nation's real sector rather than importation.
Raising capital has always been one of the greatest challenges for the growth and sustainability of small, medium and micro-enterprises (SMMEs). With a huge credit gap to unmet by deposit money banks in the country, the Bank of Industry (BoI) has helped in providing cheap funds for all sectors of the economy.
The fund is targeted at small-and medium-scale industries at the low-technology, labour-intensive end of the spectrum and is expected to finance about 1000 projects at nine percent interest charges, with total management fees of 1%,a tenor of five (5) years with a moratorium of six (6) months.
The Bank of Industry (BOI) has secured a $100 million line of credit from the African Development Bank (AFDB) to actualise its development financing objectives and intervention, especially for Small and Medium Enterprises (SMEs).
The Bank of Industry (BOI) has secured Central Bank of Nigeria’s (CBN) license, having met the requirements set by the apex bank for all existing Development Finance Institutions (DFIs).
Agriculture is the main stay of the Nigerian economy, with agricultural produce abounding in every state of the federation, but with limited capacity for processing and preservation, resulting in huge losses and wastages.
The Bank of Industry (BoI) has partnered Grow Africa Equity Partners Limited to raise a $60 million Venture Capital Fund for small businesses, as part of its innovative financing scheme and efforts to expand intervention in the industrial sector from loan disbursements.