BOI’s €1bn Facility Will Be Used For MSMEs Lending, Pitan Assures Customers

The Bank of Industry has assured its customers operating businesses under the Micro, Small and Medium Enterprises segment of the economy of more financing to grow their businesses.

The Managing Director/Chief Executive Officer of the Bank, Mr Olukayode Pitan, gave the assurance on Tuesday in Abuja during the 2022 SME Directorate Customer Engagement Forum.

The forum which is organized by the Bank of Industry had as it’s theme, “Strategic initiatives for SMEs survival and growth in today’s dynamic and challenging macro-economic environment.”

He described the theme as apt, considering the pivotal role SMEs play as the engine room of the global economy.

The BOI Boss told participants at the forum that despite the high interest rate regime in Nigeria which was fuelled by inflationary pressure, the bank will continue to support businesses with lending that is not more than ten per cent interest rate.

He noted that the Bank remains committed to supporting the funding needs of it’s customers and assured them of sustained intervention with successful completion of the €1bn guaranteed facility.

He explained that the facility, like previous ones, will be utilized to provide the much-needed medium to long term Nigerian MSMEs and large enterprises with transactions at affordable Naira interest rates.

He said, “This year’s customer forum is unique coming on the heels of the International customer service week which celebrates the importance of customer service and the people who serve and support customers on a daily basis.

“The Bank places high premium on its customers and stakeholders, hence it created this platform where it interacts, share experience, and obtain feedback for the development of better products and services.

“The theme for this year’s event Strategic Initiatives for SMEs Survival and Growth in Today’s Dynamic and Challenging Macro-Economic Environment” is apt considering the pivotal role SMEs play as the engine room of the global economy.

“BOI as the largest and most successful DFI in Nigeria has continued to support SMES to generate considerable multiplier effects such as Job creation, and poverty reduction both of which enhances Nigeria’s social and economic condition.”

In the last five years, he stated that the Bank had focused on expanding the impact in the economy, adding that this has translated to growing the asset base to over N2trn.

As at date, Pitan said the Bank has supported over 4,234,670 Enterprises across various the economy. These interventions, he added, have created over 9,050,796 million jobs.

“The Bank remains committed to supporting your funding needs and assures you of sustained intervention with successful completion of the €1bn guaranteed facility.

“The facility, like our previous ones, will be utilized to provide much-needed medium to long term Nigerian MSMEs and large enterprises with transactions at affordable Naira interest rates.

“Additionally, the Bank will continue to facilitate the growth of SMEs; through provision of bespoke business advisory services,” he added.

In his address of welcome, the Executive Director, SME, Shekarau Omar said the Bank will continue to support it’s customers will efficient services that would grow their businesses.

He said the support from the bank for it’s customers will be scaled up because of the job creation potentials of each of the businesses which the bank had supported.

He said, “We get a lot of fulfilment when we see your businesses grow, each and every one of our customers is an employer of labour.

“We want to serve you better for the very good of the economy.”