It is good news for agro businesses in Nigeria as the Bank of Industry (BOI) is set to key into the Federal Government’s Industrial Revolution Plan (IRP) as well as the National Enterprises Development Programme (NEDEP) in providing credit facilities for Small and Medium scale Enterprises (SMEs).
Managing Director and Chief Executive Officer of BOI, Mr. Rasheed Olaoluwa, made this known while receiving members of the Senate Committee on Investment at the bank’s corporate headquarters in Lagos, recently. Mr. Olaoluwa said the bank is now ready to render financial assistance to agro-processing businesses in the country.
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‘‘Bank of Industry has concluded plans to act as a propelling catalyst towards the realization of the Federal Government’s Industrial Revolution Plan (IRP) by leveraging on providing handy financial assistance to businesses and firms especially in the areas of agro-processing,” he said.
The bank chief said it is the plan of the institution to move Nigerians from small- scale farming and food processing to industrialized agro-industries. He said that the bank has been mandated to promote the nation’s industrial sector particularly by giving the necessary facilities to SMEs.
He said that in fulfilling this mandate, the institution will create millions of jobs for the unemployed graduates in the country.