Lagos — The Bank of Industry, BoI, says it has disbursed over N53 billion to Micro Small and Medium Enterprises, MSMEs, in the country, thereby facilitating the creation of about one million direct and indirect jobs.
BoI’s Executive Director, Micro Enterprises, Toyin Adeniji, disclosing this while speaking at a sensitisation and advocacy stakeholders’ engagement on the Nigeria COVID-19 Action Recovery and Economic Stimulus (N-CARES Result Area 3) in Bauchi.
Adeniji, who maintained that the BoI funding cuts across various sectors of the economy, said: “At the Bank of Industry, we continue to demonstrate our commitment to develop and empower MSMEs. We have disbursed over N53 billion to MSMEs in different sectors, thereby facilitating the creation of an estimated one million direct and indirect jobs.
“BOI also provides subsidized loans to MSMEs at a single-digit all-inclusive Interest rate, which has helped to stimulate economic activity in the MSME sector. We are also committed to supporting Bauchi State with the implementation of CARES program using our robust and sophisticated systems, infrastructure and operations that drive Impactful last-mile funds delivery.”
She also stated that the timing of the CARES programme was apt, given the huge losses reported by businesses. “With the huge losses reported by businesses in this segment, there is an urgent need to provide support for households and MSMEs across Nigeria to help them recover from the negative effects of the COVID-19 pandemic and also enhance their business capabilities. We have seen various studies emphasising the important role MSMEs play in a nation’s development,” she added.
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