Bank of Industry distributed over N1trn to 4.2m Nigerians, created 9 million jobs – Buhari

Efforts to reflate the Nigerian economy have seen the Bank of Industry (BOI) disbursing over N1.24 trillion to 4.2 million beneficiaries drawn from the micro, small, medium and large enterprises.

This initiative has also elicited commendations from President Muhammadu Buhari, who estimates that the Bank has created over nine million jobs in the last seven years.

The commendation came just as the President was commissioning the Second Tower of the BOI building, in Abuja.

President Buhari said the Bank has continued to successfully execute its mandate as a policy institution of the Federal Government, extending single-digit interest rate loans to manufacturers.

He also lauded the management of the Ministry of Industry, Trade and Investment and the BOI for what he described as invaluable contributions to the economic development of the country and the wellbeing of Nigerians.

His words, “To further enhance its capacity to impact the industrial sector on a transformational scale, I approved the issuance of a sovereign guarantee to help the Bank raise funds in the Eurobond market.

‘‘I am glad to note that the Bank has recently completed the transaction by raising 750 million Euros from international investors.

“The proceeds of this Eurobond will be disbursed to Large, Medium & Small Enterprises, and women entrepreneurs with bankable projects.

‘‘It is commendable that the Bank sources its own funds for lending based on its investment-grade ratings by the rating agencies.”