Edo Govt, BOI Seal Partnership To Improve State Economy

Edo Governorship Election Tribunal Adjourns Till December 12
Edo State Governor-elect, Godwin Obaseki

The Edo State Governor, Godwin Obaseki has said that the growth and survival of small and medium scale enterprises in any economy will largely depend on appropriate investments in the large scale businesses.

Gov. Obaseki who made the assertion when he received the management team of the Bank of Industry (BOI) on a working visit to the Government House in Benin City, the Edo state capital, said that his administration had always provided an enabling environment for investors willing to do business in the state.

“We are supporting a lot of micro businesses, but if you don’t support the major businesses the smaller ones would not thrive.”

He also added that his administration has provided the right policy framework for business to thrive.

“We have identified the housing chain for instance, it is a Federal Government initiative so how do we now work further down the chain , we can do cement, glass, ceramics, steel even if it is on a limited basis at least to support housing transactions we can see.”

The Managing Director of BOI Mr Olukayode Pitan, in his response, pledged a profitable partnership with the state government in areas of economic development.

He said the federal institution has lofty plans to promote economical growth in the country.

“ We know that if we are to affect the business sector we will not look at N10b or N20b investments, we will try and raise a substantive amount like N500b for us to move what the government is trying to achieve.”

BOI Signs MOU For Diaspora Investment

NIRSAL, BOI, Financial Inclusion, EcobankThe acting Managing Director of the Bank of Industry Mr. Rasheed Olagunju has announced plans by the bank to assist Nigerians in the Diaspora who intend to invest in Nigeria through its business development initiative.

Mr. Olagunju who was speaking during the signing of the Memorandum of Understanding between the bank and the Senior Special Assistant to the President on Diaspora Matters said scheme would provide a structured platform for mobilising the resources of Nigerians in the diaspora towards national development.

Meanwhile, the Senior Special Assistant on Diaspora Matters, Abike Dabiri-Erewa says the programme will also capture deported Nigerians who have special skills.

Arts and Culture: FG Urges Youths To Utilise BOI Grants

Nigerians, especially youths, have been asked to take advantage of the N300m grant which the Bank of Industry has promised to fund the business of arts and craft in the country.

The Minister of Information and Culture, Alhaji Lai Mohammed, who gave this challenge says the grant is capable of generating two hundred thousand jobs in the sector.

The bank of industry at the weekend signed a memorandum of understanding with the National Council for Arts and Culture, to support Nigerians who are in the arts and craft business to grow their businesses.

According to Mohammed, the MoU, can ensure the growth and development of the craft industries.

He said, “I am reliably informed that top on the list of benefits that will accrue from this landmark MoU is that it will create about 200,000 jobs. This is indeed epochal and is in line with one of the cardinal programmes of this administration, which is job creation and empowerment.

“The MoU will also act as a catalyst for the development of the country’s craft industries, create a finance window and make available loanable funds to be accessed by all in the arts and craft industry, as well as assist in capacity building for this people.

“In a nutshell, the MoU will enable producers of cultural products and services to work towards the attainment of global practices in the packaging of our cultural products to enable them compete favourably in the global markets and earn our artists a decent living.”

We Will Do All To Support Local Producers, Manufacturers – Osinbajo

We Will Do All To Support Local Producers, Manufacturers – Osinbajo The Vice President of Nigeria, Professor Yemi Osibanjo, has again said that the quest for development of local capacity is a panacea for rapid economic growth.

He made this assertion during the Southeast maiden edition of Nationwide Micro Small and Medium Enterprise Clinic held at Aba, after the media launch in Abuja on Tuesday.

Using as an analogy, the story President Muhammadu Buhari once told him about the importance of taking care of people “who do the things that make us comfortable”, the Vice President observed “it is important to pay attention to MSMES”.

“We will spend time to ensure that we give those who produce locally all the support that we can give, and that is why we are doing this clinics,” he said.

The Vice President went round the stands of all the agencies at the Aba MSMES Clinic and also those of several businesses and local manufacturers, all of whom were obviously elated at the Federal Government’s gesture to re-orient the relationship between them and the agencies.

He said that “you can’t do much for manufacturing without coming to Aba,” and adding that Aba traders, artisans, tailors, shoemakers and others “are the bedrock of our economy.”

According to him, the Nigerian government agenda is to create sustainable platform through its relevant agencies that would ensure that businesses in the country that produce locally made goods are given adequate support and wider spectrum to grow.

Vice President Yemi Osinbajo examining some footwears made in Aba

He urged the relevant government agencies to see themselves as facilitators of the businesses and remove bottlenecks that are often reported when enterprises have something to do with the agencies.

Commenting at the Clinic, the Abia State Governor, Dr. Okpezie Ikpeazu, who accompanied the Vice President said “with the visit of the Acting President to Abia today, the story of Aba traders will change. The visit of the Acting President is a testimony that something new is happening here.”

Professor Osinbajo who has since returned to Abuja, was also accompanied by the Industry, Trade and Investment Minister, Dr. Okey Enelamah, among several other senior government officials.

The Office of the Special Adviser on Economic Matters in the Presidency devised the idea of a Clinic to bridge the gap between medium and small scale businesses and government agencies such as Corporate Affairs Commission, CAC; Standards Organisation of Nigeria, SON; National Agency for Food & Drug Administration and Control, NAFDAC; Bank of Industry, BOI; Federal Inland Revenue Services, FIRS; Nigerian Export Promotion Council, NEPC; and others.

The Clinic is meant to bring together all those agencies in one spot and at appointed times across the country to attend to the needs, questions and requests of people doing business.

BOI Gives First Phase Of Ooni-Secured Loan To MSMEs

ooni-of-ife-mouThe Bank of Industries (BOI) has commenced the distribution of cheques to 20 beneficiaries under the first phase of the one-billion-Naira Micro, Small and Medium Enterprises Development Fund in Osun State.

The one-billion-Naira loan project is between the Bank of Industries and the House of Oduduwa under the leadership of the Ooni of Ife, H.I.M, Oba Adeyeye Ogunwusi, Ojaja the second.

At the presentation of the cheques to the beneficiaries in Ile Ife, Osun State, the acting Managing Directors of BOI, Waheed Olagunju, said the project wass to enable the unemployed become an employer of labour.

He state that the 20 beneficiaries who received 30 million Naira in the first phase have undergone capacity building programme over the last six months to enable them sustain whatever business enterprises they go into.

The BOI boss said he was confident that about 80 to 90 per cent of the beneficiaries would succeed based on the capacity building training they had received.

He further explained that the loan would cover services and Agro-allied ‎businesses with repayment plan ranging between three and five years under a single digit interest rate of 7.5.

The Bank and the House of Oduduwa in Osun State on November 16 signed the one-billion-Naira agreement that would make loan facilities available to both women and youths in Ile-Ife.

‎‎Prominent among the features of the Memorandum of Understanding is the 7.5% interest rate to the beneficiaries.

Oba Ogunwusi signed for the House of Oduduwa while Mr Olagunju, represented the financial institution.

The monarch emphasised the need to get youths empowered, saying it was necessary for the nation’s continuous growth.

BOI Signs Matching Funds’ Agreement With Benue State

Benue State Governor, Samuel Ortom BIO Matching fundThe Bank of Industry (BOI) has extended its aggressive plan to make funds available to Micro, Small and Medium Enterprises across Nigeria to Benue State.

The bank on Tuesday signed a Matching Funds’ agreement with the state government.

So far, the BOI has signed Memorandum of Understanding with 20 states in an effort to empower small businesses and encourage local manufacturers at the state level.

Since the acting Managing Director of the bank, Mr Waheed Olagunju, mounted the saddle eight months ago, the bank has established counterpart funds with Abia, Sokoto and Katsina States.

The latest is the two billion Naira matching fund with the Benue State government, which brings the total sum of funds between BOI and different states to 18.2 billion Naira.

Benue State, which prides itself as the ‘food basket of the nation’, contributes a large per cent of Nigeria’s food production.

It sits quietly by the Benue River in Nigeria’s central region

Seventy per cent of its population embraces farming, cultivating a vast array of food and cash crops, like rice, peanuts, soybeans, citrus, yam, and palm, but many believe the food processing capacity could be further maximised.

Capacity development as well as introduction of modern techniques and equipment in farming are some aspects experts suggest must be explored, but these require huge funds to achieve.

The Governor, Samuel Ortom, who himself is a successful farmer, knows this well. He had invited the BOI to partner with the state.

Mr Ortom urged his people to maximise the opportunity.

After the dotted lines were signed, the Governor joined his colleagues from Abia, Kaduna, Katsina, and Sokoto, who have in the recent past, testified to the quality of leadership at the bank.

NIRSAL Partners BOI On Agric. Value Chain

NIRSAL, BOI, Financial Inclusion, EcobankThe Nigeria Incentive Based Risk Sharing System for Agricultural Lending (NIRSAL), has signed a Memorandum of Understanding with the Bank of Industry (BOI).

This is to enable the extension of BOI’s credit facility to small scale farmers, agro-processors, and agro-input suppliers.

According to the spokesperson, Mr Bello Abdullahi Abba, the partnership is expected to boost import substitution, stimulate the economy, and realize the key objective of government’s agricultural promotion policy.

The MoU is also expected to identify, and finance impactful agricultural projects within all the segments, of the value chain.

In the meantime, NIRSAL says it will be announcing a collaboration with the Nexim Bank, to unlock sufficient flow of finance to agricultural value chain players, for export markets.

BOI Signs MOU With Ecobank On Financial Inclusion

BOI, Financial Inclusion, EcobankThe Bank of Industry (BOI) and Ecobank Transnational Incorporated, have signed a memorandum of understanding on promoting financial inclusion.

The partnership between the two banks is a roll out of an Africa-wide financial inclusion programme, initiated by Ecobank, to address lack of inclusive growth on the continent, which has resulted in lingering poverty and unemployment

Relying on BOI’s reputation as the best development finance institution in Nigeria, and seeing the country as an important market to execute the programme, Ecobank decided to partner with the Bank of Industry on the project in Nigeria.

During the signing ceremony at BOI’s headquarters in Lagos on Monday, the management of both banks said that they believe the initiative would give MSMEs in Nigeria and Africa some appreciable mileage.

BOI Partners With Iwo Community On Production of Local Fabrics

Local fabrics, BOIThe Bank of Industry (BOI) has partnered with Iwo community of Osun State to promote use of local fabric in fashion lines.

The Acting Managing Director of the Bank of Industry (BOI), Mr Waheed Olagunju, who was invited to Iwo by the Oluwo of Iwo said that the organisation is ready to assist the fabric makers to expand their business and improve the quality to meet export standard.

While inspecting the garments from local fabrics of aso oke and adire, he noted that the over dependence on foreign goods can only be remedied when Nigerians start patronizing locally made goods‎.

The inspection took place at the palace of the Oluwo Of Iwo, Oba Abdul Rasheed Akanbi, Ilufemiloye, Telu 1 in Iwo Local Government of Osun State.

He gave the assurance that he would sign a Memorandum of Understanding that would ensure that all those involved in the value chain are considered to enhance their capacity.

The MoU would also seek to help them add better value to their fabrics in order to make the product a good source of foreign exchange for the country.

The Oluwo of Iwo, Oba Adewale Akanbi, also stated his reason for inviting BOI officials to the town.

He said that he embarked on a campaign to shift attention to usage of local fabrics for western designs to empower those involved in the business and to export Yoruba culture to the outside world.

He explained that the fabric is good enough to be used as uniforms for security agents, uniform for school children among others.

He also disclosed that through his efforts, a bill at the Osun State House of Assembly that makes locally produced adire the uniform for pilgrims from the state to Hajj has been passed.

The monarch urged President Buhari to support the initiative as part of efforts to revive Nigeria’s ailing economy.

BOI To Train NASSI On Accessing Bank Loans

Bank-of-Industry-BOI-NASSI-BankPlans are underway by officials of the Bank of Industry (BOI) to commence training for members of the National Association of Small Scale Industrialists (NASSI) on how to access loans.

The acting Managing Director of the bank, Mr Waheed Olagunju, disclosed this on Thursday at a meeting with officials of the association in Abuja, Nigeria’s capital.

He said that a large chunk of owners of small businesses in the country fail to get loans from banks owing to lack of expertise on how to apply for loans.

On his part, the National President of NASSI, Ezekiel Essien, commended the BOI boss for the proposed training.

He promised a close collaboration with the Bank of Industry, to enable a robust business environment for members of the association.

Kaduna Government Commences Training Of 5,000 Youths

Youths, KadunaThe Kaduna State government has commenced the training of 5,000 youths on entrepreneurship under its ‘Start UP Entrepreneurship Programme’.

Speaking at the graduation ceremony of the first set of beneficiaries and induction of new ones on Wednesday, Governor Nasir El-Rufai said that the programme was targeted at training youths to learn skills that would help in transforming their lives.

He challenged the beneficiaries to explore the opportunity given them to become productive in their lives, so as to enhance their economic well-being and become self-reliant.

The Governor described the intervention as very critical and a major component for economic rejuvenation and prosperity of Kaduna State.

In his speech, the acting Managing Director of the Bank of Industry (BOI), Waheed Olagunju, disclosed that the BOI and Kaduna State government contributed 500 million Naira each for the training and empowerment, which was executed in partnership with the Kaduna Business School.

He stressed that the programme was organised to support the accelerated development of the state through job creation, urging the beneficiaries to remain committed and responsible, in order to reap the benefit of the training.

In her address, the Minister of State for Industry, Trade and Investment, Aisha Abubakar, said that the Federal Government has outlined quite a number of entrepreneurship programmes aimed at diversifying the economy and empowering youths in Nigeria.

She adviced the trainees to take the opportunity seriously in order to advance their lives.

The Kaduna Start UP Entrepreneurship Programme was initiated by the present administration in the state and it is aimed at creating more jobs, reducing poverty and restiveness among the youths.

Ogun Government Creates Jobs Through SMEs

Ogun-SMEs-JobsThe Ogun State government says it has created at least 13,000 direct jobs and 91,000 indirect jobs.

The government said that it was able to make the feat through the one billion Naira joint Ogun State and Bank of Industry (BOI) revolving loans awarded to beneficiaries at 7% interest.

The Ogun State Commissioner for Commerce and Industry, Mr Bimbo Ashiru, made the disclosure on Wednesday at the maiden Small and Medium Enterprises event, held at the Valley View Auditorium of the Government House in southwest Nigeria.

In her remark at the one day event, the Ogun State Deputy Governor, Mrs Yetunde Onanuga, urged participants to make use of the various initiatives being put in place by the state government to develop their businesses in conformity with the present economic realities.

She implored them to always discharge their civic responsibilities of paying their taxes and levies.

The event, tagged “Making SMEs a Valuable Addition to the Nigerian Commonwealth”, was organised by the Ogun State Ministry of Commerce and Industry.