The Bank of Industry has stated that it has disbursed over N53 billion to Micro Small and Medium Enterprises in different sectors across the country noting that this has facilitated the creation of an estimated one million direct and indirect jobs.
The Executive Director, Micro Enterprises, BOI, Toyin Adeniji, stated this in a goodwill message at a sensitization and advocacy stakeholders’ engagement on the Nigeria COVID-19 Action Recovery and Economic Stimulus (N-CARES Result Area 3) held on Thursday at the Command Guest House, Bauchi.
Point News247 reports that Adeniji who was represented by the Project Officer, BOI, Bauchi State Office, Hayatudeen Umar, said that the effects of COVID-19 have been felt around the world and Nigeria has not been an exception pointing out that the worst hit in Nigeria is the MSMEs who experienced severe economic losses, due to the pandemic and lockdown measures implemented to curtail the spread of the virus.
She said: “The timing of the CARES program could not be more apt. With the huge losses reported by businesses in this segment, there is an urgent need to provide support for households and MSMEs across Nigeria to help them recover from the negative effects of the COVID-19 pandemic and also enhance their business capabilities. We have seen various studies emphasizing the important role MSMEs play in a Nation’s Development.
“At the Bank of Industry, we continue to demonstrate our commitment to develop and empower MSMEs. We have disbursed over N53 Billion to MSMEs in different sectors, thereby facilitating the creation of an estimated one million direct and indirect jobs.
“BOI also provides subsidized loans to MSMEs at a single-digit all-inclusive Interest rate, which has helped to stimulate economic activity in the MSME sector. We are also committed to supporting Bauchi State with the implementation of CARES program using our robust and sophisticated systems, infrastructure and operations that drive Impactful last-mile funds delivery.”
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The Executive Director who said the BOI offers a seamless process technology and field infrastructure for funds delivery to Small and Medium businesses added that with the power of biometrics, Bank Verification Number as digital collateral, mobile data capture, mobile wallets, and a 17,000-strong agent network, “we have been able to properly target, document, profile, and deliver social intervention to over to 2.4 million people across Nigeria. It is this capacity, infrastructure and experience that we will bring Bauchi State CARES program.”
She assured the Bauchi state government that BOI is fully committed to ensuring that the Bauchi State RA3 program is delivered in a transparent and efficient manner.
In his speech, the Secretary to the Bauchi State government, Ibrahim Kashim, said that the NG-CARES Program is an emergency programme designed to promote budgeted programmes of expenditure and intervention at the state level.