BOI Injects N53Billion Into Small, Medium Enterprises,To Boost Production - EDU-BIZNEWS


Friday, March 5, 2021

BOI Injects N53Billion Into Small, Medium Enterprises,To Boost Production

The Bank of Industry(BOI) says it has injected  N53 billion to boost the production capacity of Micro, Small and Medium Enterprises (MSME) in the Nigeria

The Investment has also created  jobs for about one million Nigerians.

 Executive Director of the bank in charge of Micro-Enterprise Directorate, Mrs. Toyin Adeniji, revealed this on Thursday during the graduation of the first batch of the participants of the Post-COVID-19 Economic Strategy Pilot Training Programme at the Osun State  Local Government Service Commission office, in Abere, Osogbo, the State capital.

Her words, “We have disbursed over N53 Billion to MSMEs in different sectors, thereby facilitating the creation of an estimated one million direct and indirect jobs"

According to Adeniji,“BOI provides subsidised loans to MSMEs at a single digit all-inclusive interest rate, which has helped to stimulate economic activities in the MSME sector".

Governor Adegboyega Oyetola stated that his administration had adopted a proactive strategy to stimulate the economy of the state which hitherto was adversely affected by COVID-19.

Oyetola who  presented cash seed loans to 2,000 successful trainees of the Skills Upgrade and Entrepreneurship Training Programme, added that his administration had put in place, a workable strategy and   measures by making skill upgrade training, a priority in its 2020 budget.

He explained that the strategy was part of efforts to cushion the effects of the  global economic downturn and prepare for the worst circumstances that might arise.

The  programme according to him, was designed to generate 15,000 direct and indirect sustainable job opportunities for the people annually.

The governor said his  administration had set aside ¦ 100 million for disbursement to beneficiaries of the scheme as seed loans of ¦ 100,000 only to each participant.

His words: “As an institution charged with providing security and welfare for citizens, our government, on coming to office two years ago during the world economic downturn adopted a proactive strategy to prepare for the situation and the worst circumstances that might arise.

Oyetola explained that his administration used the programme to re-engineer and expand the scope of knowledge of people who lost their jobs and make them relevant again

“Under the Skills Upgrade training programme, we were able to re-focus, re-engineer and expand the scope, knowledge and relevance of artisans and people who lost their jobs to make them relevant under the new normal orchestrated by Covid-19.”,he added

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