Bank of Industry earmarks N2bn for disbursement to SMEs

The Bank of Industry (BOI) has earmarked N2 billion for disbursement to SMEs in Katsina State from its Micro Development Funds.

Mr Waheed Olagunju, the Acting Managing Director of Bank, disclosed this on Wednesday at the inauguration of a new branch of BOI in Katsina.

He said that a Memorandum of Understanding (MoU) would be signed between the bank and the state government for the release of the funds.

'The state government will pay its counterparts funds of N1 billion, while the remaining N1 billion will be paid by the bank.

'The bank has so far disbursed N11.4 billion to 40 Small and Medium Scale Entrepreneurs in the country.

'The Federal Government has identified 40 solid minerals in the country out of which 18 were found in Katsina State,'' he said.

Olagunju said that the bank was ready to support industries to harness such abandoned mineral resources in the country.

He said that harnessing such minerals would also assist to reduce high rate of unemployment, poverty as well as diversify the economy.

Gov. Aminu Masari said that his administration was ready to partner the bank to develop the state and improve the living standard of its people.

He said that the cost of governance was too high and there was the need to address this to enable government use the funds to develop other areas for the betterment of its people. (NAN