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BoI to Raise N3tr in 12 Months to Support SMEs in Nigeria

By Modupe Gbadeyanka

Managing Director of the Bank of Industry (BoI), Mr Kayode Pitan, has disclosed that the lender has concluded plans to raise about N3 trillion to further support Micro, Small and Medium Enterprises (MSMEs) across Nigeria.

Mr Pitan made this disclosure this week at the inauguration of the 10-member board of the bank in Abuja by the Minister of Industry, Trade and Investment, Mr Okechukwu Enelamah.

According to the BoI chief, the N3 trillion would be raised in the next 12 months and the Central Bank of Nigeria (CBN) would be brought in as a major partner.

“Our concern, for now, is to explore four major economic zones in Calabar, Kano, Nnewi, and Akwa-Ibom,” Mr Pitan said at the event.

He stressed the importance of MSMEs in the country’s economy, describing it as a major driver.

Inaugurated by the Minister into the board of BoI included Aliyu AbdulRahman Dikko as Chairman; Olukayode Pitan, Managing Director/Chief Executive Officer; Waheed  Olagunju, Executive Director (SME); Mrs Toyin Adeniji, Executive Director (Micro –Enterprises); and Jonathan Tabin, Executive Director (Corporate Services& Communication).

Others were Chukwuemeka Nzewi, member, National Council, Manufacturers Association of Nigeria; Dr, Bakari Wadingo, Director (Revenue & Investment/MOFI); Femi Edun, Special Assistant to Enelama; and Dr Mudashiru Olaitan, Director (Development Finance Department), Central Bank of Nigeria (CBN).

The Minister urged the board members to see the appointments as a call to national service. He also tasked them to partner with stakeholders to be able to further raise the standard of MSMEs across Nigeria, while building the necessary capacities for future entrepreneurs in Nigeria, in line with the ideals of the present administration.

Responding, the Board Chairman, Mr Dikko, who expressed gratitude to the Minister, said it was a new beginning for the bank.

“We will take this as a national assignment, we will touch all aspects of the economy, we shall partner with relevant stakeholders to add value to the growth of small scale businesses,” he promised.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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