4.2m Enterprises Benefit From BoI N1trn Monetary Disbursement – Buhari

No fewer than four million enterprises have reportedly benefited from monetary disbursement of over N1.24 trillion by the Bank of Industry.

The beneficiaries were drawn from micro, small, medium and large enterprises in the country, Naija News understands.

The disclosure was made by President Muhammadu Buhari on Thursday at the com­missioning of the Second Tower of the BoI building, in Abuja.

The President while hailing the BoI estimated that the bank has created over nine million jobs in the last seven years.

The initiative according to the President was adopted to reflate the Nigerian economy.

President Buhari said BoI 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.

“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 Euro bond 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.”

Buhari again said it is delighting to know that the bank sources its own funds for lending based on its invest­ment-grade ratings by the rat­ing agencies.

This article was originally published on Nigeria News