Bank Of Industry Gives N171b Loans To Manufacturers, Others
Iyano Oba Market in Lagos: Image: Juju Films

About N171 billion was disbursed as loans to manufacturers and others from January to September 2018, according to the Bank of Industry (BoI).

This was revealed by the BoI Executive Director of Corporate Services Jonathan Tobin on Thursday in Abuja at a colloquium held on the sidelines of the Central Bank of Nigeria’s workshop on monetary policy implementation amidst global economic protectionism.

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According to Tobin, the figure amounts to a rise of N90bn as the BoI gave out N81bn to various players in all sectors of the economy in 2017.

He noted that the Small and Medium Enterprises sector got N23bn from the N171 given out in the period.

This is a hike of N15bn over the N8bn that the sector got in the previous year from the financial body.

In addition, he noted that the funding of small businesses in the country is key to economic growth.

He also cited the $750m facility from 17 financial institutions to fund the Micro, Small and Medium-scale Enterprises sector of the economy as a pointer to the importance of funding for small businesses.

Similarly, he said that the BoI had doled out N700bn to the industrial sector, as he reiterated the organization’s resolve to funding all sectors of the economy.