The Bank of Industry on Thursday said it has disbursed the sum of N5.3bn to 41,000 beneficiaries through the Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) programme.
The Managing Director, Bank of Industry, Dr. Olasupo Olusi, stated this at the opening session of the Bank’s NG-CARES Stakeholders Engagement Workshop for States and Partners.
The initiative was to expand access to livelihood support and food security services, and grants for poor and vulnerable households and firms.
Advertisement
The NG-CARES Programme is anchored on three Result Areas with eleven Disbursement Linked Indicators with options of selection by the States.
So far, about 28 states are currently in partnership with the Bank of Industry for the implementation of the initiative.
Speaking at the event, the BOI MD who was represented by the Executive Director, Small and Medium Enterprises, Bank of Industry, Mr Omar Shekarau, said the bank is fully committed to ensuring that the programme continue to impact the Nigerian economy.
This partnership, he said, has assisted to disburse N5.3bn to 41,000 beneficiaries.
He said as the implementation of the programme moves to it’s second phase, the bank remains committed to giving critical partners the best and ensure that Nigerians benefit from its intervention programmes.
Olusi added that the bank has so far supported 4.4 million MSME with N308bn and created over nine million jobs in the country.
He said, “We believe in the growth of MSME, reduce poverty and boost economic growth in the country.
“We want you to take advantage of BOI state offices across the country so that we can continue to partner.
We have 32 offices nationwide. Before the end of the second quarter of 2024, we will be in all states of the federation. We want you to take advantage of the activities we do and engage us.
“We will continue to partner, help entrepreneurs and our country. If Nigeria is developed, West Africa and Africa will be developed. Let us work together to ensure that.
“You may have been experiencing gaps in implementation, use this event to ensure that the gaps are closed. Take advantage of the workshop and earn knowledge.”
The Executive Director, Micro Enterprises Department Mabel Ndagi said that the bank is currently in partnership with 28 partner states, adding that the programme has been very successful.
Ndagi said the workshop will help to strengthen the relationship between BOI and partner states, noting that the bank remains committed to provide technical support through leveraging of the right technology.
The Chairman, Federal CARES Technical Committee, Aso Vakporaye, said the programme has been instrumental in reducing the level of poverty in the country.
He said, “We must end poverty in Nigeria. If we don’t do this, insecurity will continue to be on the rise. We need to roll crime and poverty away from Nigeria.
When we started this journey, it’s like nothing will happen. It was not easy.
“We have done about four years now and we have done well. Soon, other African countries will start emulating us. With what BOI has put in place through this programme, the level of poverty will reduce drastically in the next five years.”