BOI injects N3.9b in Kebbi for SMSE

By InstinctBusiness Feb 24, 20200

The Managing Director and Chief Executive Officer(CEO) of the Bank of Industry (BoI), Mr Olukayode Pitan, has disclosed that the bank has invested about N3.9 billion in Kebbi State for Small, Medium Scale Enterprises (SMSE).

Pitan revealed this recently during his courtesy visit to Governor Abubakar Atiku Bagudu in Birnin Kebbi that over 22,000 people have benefited from the N1 billion matching grant fund released by the Kebbi Government.

He further explained that he was in the state to discuss on modality of partnership with the state government on how to offer support to entrepreneurs and industrialization of the state.

“We came to Kebbi state in order to chart the best course of partnership with the state government to offer support to entrepreneurs for them to set up industries and companies.

“We commend Gov. Bagudu for providing N1 billion matching grant to the bank, and also solicit for further collaboration to move the state forward. Over 22, 000 people benefited from the the fund advanced by the state government to be managed by the bank,” he said.

Pitan, who said the bank has established a Branch in Kebbi State since 2017 said, that as part of the bank’s cooperate social responsibilities, it would construct an International Technology Hub in the state at no cost.

While analyzing the bank’s investment in the state, Pitan revealed that the bank had approved various projects worth N3.9 to finance small and medium scale entrepreneurs and investors in the state.

He added that, “N2.8 billion is meant to finance small and medium scale enterprises while N1.5 billion is meant for two indigenous investors in the state”.

Also Speaking, Governor Bagudu, said that the state government would vigorously pursue its policy of entrepreneurship and investment drive to fruition.

“My administration decided to seek the intervention of the bank of industry through partnership to ease the establishment of industries in the state.

“Already, industrial establishment is on ground on agro-allied products, especially rice mills, and tomatoes factory in the state,” the governor said.