The Bank of Industry says that it has so far disbursed a total loan of N670bn for the financing of key sectors of the economy. The sectors are agro-processing; solid minerals and metals; gas, energy and petrochemicals; and creative industry/gender. The Managing Director, BoI, Mr. Rasheed Olaoluwa, gave the figure during a presentation made at the fourth annual workshop in Abuja under the theme, ‘Building a greater nation through sustained transformation.’

He said the funds were approved for sectors which the bank considered important in terms of creating wealth, reducing unemployment and stimulating the economy. He said through the funds, the bank had been able to create a total of 1.91 million jobs, adding that more jobs would be created hin the short to medium term. Giving a breakdown of the disbursed loans, he said the sum of N471bn was disbursed to 628 enterprises under the special intervention fund of the Central Bank of Nigeria.

He said through the N471bn, the enterprises were able to create a total of 1,01 million jobs. He said the amount was used for the refinancing of commercial banks’ exposure to Small and Medium-scale Enterprises in the manufacturing sector as well as refinancing of commercial banks’ exposure to companies in the power and aviation sectors. For the agro-processing sector, the BoI boss said that a total sum of N125bn was disbursed to 1, 949 enterprises.

This, he added, had enabled the firms to create 557,096 jobs through the production of derivative products from cassava, oil palm, rice, groundnut, yam, maize and livestock, among others. In the solid mineral sector, Olaoluwa said that the bank had so far disbursed the sum of N27bn to 426 enterprises.

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