The Bank OF Industry (BOI) has approved a total sum of N903.4 million for the development of 171 Micro, Small and Medium Enterprises (MSMEs) projects in Gombe State.
This was made by the Managing Director/Chief Executive Officer of BOI, Mr. Rasheed Olaoluwa at the weekend.
Olaoluwa, who stated that Agro-processing accounted for 80 per cent of the loan portfolio, also confirmed that: “So far, projects being financed through loans from the bank had created 1, 900 direct and indirect jobs in Gombe state.”
Giving an update on the bank’s dealing in the state, he said shortly after his assumption of office on May 2011, the Governor of Gombe State expressed the desire for partnership with BOI as a vehicle for accelerating the socio-economic development of Gombe State.
“In order to actualize the partnership, he made a pledge to contribute the sum of N500.00 million towards the establishment of a N1.0 billion Entrepreneurial Development Fund, which was to be matched in like sum by BOI.
“The first tranche of the state’s contribution to the Matching Fund in the sum of N250.0 million was released in August 2011. This amount was equally matched by BOI thereby creating an initial pool of N500.0 million for on-lending to entrepreneurs in the State. By this gesture, Gombe State emerged as the first in the North East geopolitical Zone to collaborate with the Bank of Industry in entrepreneurial development under the States’ Matching Fund Scheme.”
The BOI MD, however, stated that only 55% of the approved loan amount could be funded as the state government is yet to release the outstanding contribution of N250 million to the Matching Fund, he therefore advocated for accelerated release of the funds so as to enable then fund all the projects.
This was made by the Managing Director/Chief Executive Officer of BOI, Mr. Rasheed Olaoluwa at the weekend.
Olaoluwa, who stated that Agro-processing accounted for 80 per cent of the loan portfolio, also confirmed that: “So far, projects being financed through loans from the bank had created 1, 900 direct and indirect jobs in Gombe state.”
Giving an update on the bank’s dealing in the state, he said shortly after his assumption of office on May 2011, the Governor of Gombe State expressed the desire for partnership with BOI as a vehicle for accelerating the socio-economic development of Gombe State.
“In order to actualize the partnership, he made a pledge to contribute the sum of N500.00 million towards the establishment of a N1.0 billion Entrepreneurial Development Fund, which was to be matched in like sum by BOI.
“The first tranche of the state’s contribution to the Matching Fund in the sum of N250.0 million was released in August 2011. This amount was equally matched by BOI thereby creating an initial pool of N500.0 million for on-lending to entrepreneurs in the State. By this gesture, Gombe State emerged as the first in the North East geopolitical Zone to collaborate with the Bank of Industry in entrepreneurial development under the States’ Matching Fund Scheme.”
The BOI MD, however, stated that only 55% of the approved loan amount could be funded as the state government is yet to release the outstanding contribution of N250 million to the Matching Fund, he therefore advocated for accelerated release of the funds so as to enable then fund all the projects.
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