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BoI disburses $2.4 billion to two million SMEs

Bank of Industry (BoI)
The Board Chairman, Bank of Industry (BoI), Aliyu Dikko, on Thursday said the lender has provided financial support worth N678 billion ($2.4 billion) to over two million Small and Medium Enterprises (SMEs).
Dikko spoke at the North East Rehabilitation Fund Focus Group Session in Abuja. He said the bank is partnering with Emergency Coordination Centre (ECC) to conduct onsite focus group sessions in over 20 communities across the six states.
BoI’s commitment is all encompassing and recognizes the need to invest in all states where the economic activities need to be revived.
The Executive Director, Micro Small and Medium Enterprises (MSMEs) at BoI, Toyin Adeniji, disclosed that the focus is on the BoI-North East rehabilitation fund, NERF is aimed at transforming the region by supporting businesses with easily accessible zero interest in the region.
Adeniji said the fund is tailored to meet the peculiar needs of the region, it is rolled out in three main categories, micro credit for petty traders, small and medium scale loans and the larger loans for the rehabilitation of industries.
NERF has flexible requirements and is designed to reach all categories of businesses that operate in the post crisis communities – from the woman with a small table top shop at the border community of Mubi in Adamawa to the much larger flour production plant in Maiduguri.