BoI targets to grow businesses with N25bn in 2017
The Bank of Industry (BoI) has said it is determined to increase funding to businesses to about N25 billion in 2017 from the N8 billion recorded in 2016.
Mr Abdul-Ganiyu Mohammed, General Manager (SME-South) of the bank, disclosed this at the South East Regional Customers’ Forum in Awka on Thursday.
Mohammed said BoI had automated it’s operations that the process of accessing loan was now seamless.
He said the forum had availed the Bank to get first hand experiences of customer and prospects, adding that it would help it develop new models that would take care of identified challenges.
“Last year we were able to fund businesses with up to N8 billion but our target is to increase it to N25 billion in 2017,” he said.
The official said there was need to enhance the ease of doing business, especially on the processing of land title to encourage industries to be set up.
On his part, Mr Emeka Ezinando, the Permanent Secretary, Ministry of Financial, Anambra, said the forum was an important one that would increase the relationship between investors and banks.
Ezinando said Anambra Government had set institutions that encouraged setting up of businesses through the Anambra Investment Promotion and Protection Agency and Anambra Small Business Agency facilitating investment processes in the state.
He, however, called for clarity on the monetary policy in the country, pointing out that the high cost of finance was deterring borrowers from accessing credit.
Mr Osah Obaro, the Enugu Regional Manager of BoI, said the South East was very critical in the activities of the Bank.
He said the major sectors that enjoyed patronage on credit application were the agriculture and industry.