Bank of Industries supports manufacturers, others with $1.5b

Posted by Grand News | 3 October 2018 | 1,674 times

Bank of Industry (BoI) has offered $1.5billion to manufacturers, its Managing Director Bol, Kayode Pitan has said.

Pitan stated this at an event organised by the Manufacturers Association of Nigeria (MAN) in Lagos.

Speaking on “Mainstreaming policies to catalyse industrial renaissance”, he said the funds, $750 million from international banks and N800 million from the Nigerian Content Board – were also available for the oil sector to boost the Nigerian Content.

He said the bank supports emerging industries, such as the creative arts, renewable energy, biogas and gender owned business at a single digit with long gestation unlike the conventional banks.

Pitan, who was represented by the General Manager Large Enterprise, Joseph Babatunde, urged local operators into agro-processing, solid minerals, movies and theatres to harness the low interest loans to grow their businesses.

Nigeria Managing Director Development Bank Tony Okpanachi said the bank provides Micro Small and Medium Enterprises (MSME) well-structured loans of up to 10 years through the second tier for equipment financing, manufacturing, among others.

He disclosed that the bank would establish the First SME’s Credit Guarantee Bank that would share up to 50 percent of the sectors risk. In addition, the bank is also building the capacity of small enterprises.

The Nation

Source: Grand News

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