By Modupe Gbadeyanka
A credit facility worth $750 million has been secured by the Bank of Industry (BoI) from a consortium of 17 banks with the aim of using it to boost the Micro, Small and Medium Enterprises (MSMEs) sector in Nigeria.
However, the loan deal would be formally signed on Saturday and should be witnessed by President Muhammadu Buhari.
Speaking on the sidelines of the African Export-Import Bank Annual Meeting in Abuja, Chairman of the BoI board, Mr Aliyu Dikko, described the facility as a game changer for the bank particularly as it relates to the financing of entrepreneurs in the country.
He said the loan would be provided by Africa Export-Import Bank, the ECOWAS Bank for Investment and Development, and British Arab Commercial Bank Plc, among others.
“This event is historical because this is the biggest relationship we have ever had with AFREXIM Bank and it’s a major milestone towards achieving our mission and vision.
“This day is one of the most successful days in the history of our bank. Our bank has the capacity to impact on MSME and this facility will go a long way to assisting us in achieving our objective.
“We commend the group of 17 banks for participating in the syndication and we will use the fund for what it is meant to be used for,” Mr Dikko said.
On his part, Managing Director of BoI, Mr Kayode Pitan, said the bank has the capacity to effectively utilise the fund for the development of the economy.
“Initially the deal, in the beginning, looks impossible and we are glad that we were able to close it,” he added.
Dipo Olowookere