The Bank of Industry (BoI) has said that it has disbursed approximately N1 trillion in loans to various firms since 2015.
Mrs Aderonke Akinluyi, the Bank of Industry’s Deputy Head, Business Development, revealed this at a webinar hosted by the Lagos Chamber of Commerce and Industry (LCCI) on Tuesday, where she said the bank disbursed loans worth N969.7 billion between 2015 and 2020.
According to the Nigerian News Agency, Akinluyi stated that the monies were distributed to almost three million Micro, Small and Medium Enterprises (MSMEs) and 653 major enterprises throughout the time period, resulting in the creation of 6.98 million direct and indirect jobs.
“With dedicated teams for MSMEs, youth, and women-led enterprises, our business model reflects our goal to drive development through financial and advisory support to all customer levels.
“Because of our collaboration with the BDSPs, MSMEs have almost complete control over the structure and preparation of their business models and plans.
“As needed, the collaboration also provides other entrepreneurial training, which is divided into regional, state, and national categories,” she added.
Mr Obaro Osah, Divisional Head, SME, South, BoI, noted that loan application approval processing takes four weeks for loans under N10 million, six to eight weeks for loans between N10 and N100 million, and eight to ten weeks for loans between N100 million and N500 million.