Furtherance to the job creation efforts of President Goodluck Jonathan, the Bank of Industry (BoI) has set up a scheme to provide loans for 220 Micro, Small and Medium Enterprises (MSMEs) in the country yearly. The scheme, Business Development Service Providers, requires the service firms to help the MSMEs package their business plans and proposals in a manner that the project can be financed by the bank.
Boi.pngOver the weekend in Lagos, Managing Director/Chief Executive Officer of BoI Rasheed Olaoluwa revealed this at the signing ceremony of Memorandum of Understanding between the bank and 22 service providers. According to Olaoluwa, the scheme is to enable MSMEs across the country access finance easily as they are key boosters of the economy. He said, “There are over 17 million MSMEs in Nigeria, they account for over 90 per cent of all companies and employ over 30 million people; yet, loans to SMEs accounts for less than 10 per cent of BoI’s total loan portfolio.”
The top five among the 22 firms are; IBFC Alliance Ltd, BoI-ITC, BCG Associate, Fortis Academy Ltd and the Nigerian Youth Chambers of Commerce.
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