BoI to partner micro finance banks to liberalise credit facility

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Managing Director, Bank of Industry (BoI), Mr. Olukayode Pitan

The management of the Bank of Industry (BoI) may soon consider an option of working in partnership with credible micro finance banks to make credit more easily accessible to Small and Medium Enterprises (SMEs) in Nigeria.

The Managing Director/Chief Executive Officer, BoI, Olukayode Pitan, gave the hint Wednesday, in Osogbo, Osun State, while fielding questions from journalists, after a business forum with stakeholders.

Owners of small and medium businesses present at the meeting had lodged complaints to the BoI boss, intimating him of the challenges they faced in processing and perfecting their titles and other requirements, saying these bottlenecks are a hindrance to business development.

Responding to the complaints, Pitan said BoI would consider an option by working in partnership with credible micro finance institutions, by making funds available to them in order to liberalise the processes required for credit facility by small and medium business owners.
He hinted that the bank loan portfolio in the state stood at about N3.5billion, urging prompt repayment of loans by stakeholders to enhance smooth operation.

Speaking, the Osun State Governor, Rauf Aregbesola, listed various measures taken by his administration to promote industrialisation in the state, including massive investment in infrastructural facilities, and patronage of locally produced goods and services particularly in the implementation of the school feeding programme.

Aregbesola, who was represented by his Deputy, Titi Laoye- Tomori, promised the state would provide the balance of N250million matching fund to BoI, and asked the management of the bank to increase its drive in granting credit facility to stakeholders in the state.

He also urged investors to key in into agro-allied enterprises to ensure adequate production of food for the citizens and export of excess to neighbouring states.
The Governor also called for the reappraisal of processes needed to access the bank loan in order to accommodate more beneficiaries, and assured stakeholders that the state would soon organise a trade fair to boost and promote business enterprises as being demanded by stakeholders.