BoI Backs Entrepreneurship, Local Investments in Kebbi
By Adedapo Adesanya
The Bank of Industry (BoI) has approved a series of funds for small and medium scale entrepreneurs and another set for two domestic investors in Kebbi State, Nigeria.
This disclosure was made by the Managing Director and Chief Executive Officer (CEO) of the Bank, Mr Olukayode Pitan, on Monday during a courtesy visit to the State House, Birnin-Kebbi, where the delegation was received by Governor Abubakar Bagudu.
Speaking on the loans, Mr Pitan said, “My bank has approved various projects worth N3.9 billion and N2.8 billion to finance small and medium scale entrepreneurs, as well as N1.5 billion to two indigenous investors which are the Zango Kangiwa Farms Limited for its rice project and M-Tech Universal Engineering.
”We are willing to continue to partner with the Kebbi State Government by putting more funds into developmental projects in the state.”
Expanding on the loans granted to the domestic investors, the BoI CEO said the two companies are in the process of meeting conditions but the credits have already been approved for them.
On the agriculture project that the funds will cover, Mr Pitan said it will facilitate the establishment of the Labana rice project in Kebbi, which will help boost local production and create employment.
He further said that the visit to Kebbi State will see further exploration of partnerships that the state could offer so that it could lend its hand to support entrepreneurs as well as local industries and companies.
He said that there has been a strong partnership between both parties even before there was a BoI branch in Kebbi that was launched in October 2017, which had seen a fund give N1 billion to about 22 thousand beneficiaries of the state government programme.
“We will put some money directly into some of the projects in Kebbi State.
“We know that most of the products and the industries the state is investing in are agro-based because it is the area of strength of Kebbi.
“We will be willing to work with Kebbi, we have done quite a bit in Kebbi but want to do more,” he added.
He used the opportunity to call for a collaborative effort with the private sector, to see how they can partner with the Bank of Industry and the Kebbi State government, adding that as part of its drive for industrialization, it would be building an International Technology Hall in the state.
On his part, the Governor, Mr Bagudu said his government would continue to pursue its policy of entrepreneurship and investment drive, explaining that the administration decided to seek the intervention of the Bank of Industry through partnership to ease the establishment of more industries in the state.
“Some Industries have been established in the state which are agro-based such as rice Mills and Tomatoes factory,” he stated further.