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Bank Says 53 Billion Naira Loan To Farmers In 2012 Yielded Results

The Bank of Industry in Nigeria says it disbursed a total of 53 billion Naira (about 331.3 million dollars) as loans to the agribusiness value … Continue reading Bank Says 53 Billion Naira Loan To Farmers In 2012 Yielded Results


The Bank of Industry in Nigeria says it disbursed a total of 53 billion Naira (about 331.3 million dollars) as loans to the agribusiness value chain in 2012, as part of measures to boost agriculture.

The chairman of the shareholders committee of the Bank of Industry, Mr Mohammed Dikwa, gave the figure while presenting a review of the success and challenges of the 2012 financial year at the bank’s annual general meeting held in Abuja on Friday.

Mr Dikwa said another 333 million Naira was disbursed to the creative industry, making the bank achieve a 70 per cent improvement in the quality of its risk assets.

The chairman of the shareholders committee listed major interventions carried out by the bank in the agriculture sector, small and medium enterprise sector and the film industry.

Aside from the 70 per cent recorded improvement in the quality of risk assets, the bank created over one million jobs in 2012 up from 150,000 in 2011.

The bank officials promised not to relent in boosting the businesses of entrepreneurs in 2013.

“You know you can only lend money to those who can repay.  One of the things is that if a banker feels that you don’t have access to market, no matter how good your product is, it is very difficult to sell it in the local community where there is limited economic activity.  So, we are trying to work with the Nigerian Youth Service Core to ensure that most of the agriculture produce coming out from rural areas can be transported to urban areas where they are needed to stimulate economic growth in the rural area,” the Managing Director, Bank of Industry, Evelyn Oputu, said .

With the feat recorded by the bank of industry especially in the area the provision of loans to owners of small and medium businesses, it is expected that the bank’s intervention will result in the socio-economic transformation of the country.