BoI Commits N1.92bn to Business Devt in A’Ibom

Okon Bassey in Uyo

The management of the Bank of Industry (BOI) has committed the sum of N1.92 billion through loans to support the growth of businesses in Akwa Ibom State.

According to the Managing Director of BOI, Dr. Olasupo Olusi, the loans were given to businesses under the Micro, Small, and Medium Enterprises (MSMEs).

Olusi spoke during the opening of a branch of the BOI office in Akwa Ibom State, stressing that the bank is ready to turn around the economic fortunes of Akwa Ibom State.

He said that the opening of the bank’s 32nd office in the state was aimed at deepening its penetration across the country in a bid to foster economic growth, financial inclusion, and entrepreneurship development nationwide, by supporting investment in critical growth sectors.

Olusi said that the bank is committed to supporting private investments in key sectors such as agriculture, oil and gas, power and aviation, tourism, and healthcare, catalysing industrialization and economic sustainability.

“Looking ahead, we look forward to the successful implementation of a dedicated matching fund partnership with the state government to support indigenous enterprises and unlock the entrepreneurial capacity of youth in this great state.

“Furthermore, we appeal to the state government to urgently address some of the challenges relating to the issuance and registration of collateral titles towards improving the ease of doing business for enterprises within the state,” he said.

Inaugurating the BOI branch office, the Governor of Akwa Ibom State, Mr. Umo Eno, described the occasion as a foremost businesslike event undertaken by him since the inception of his administration, adding that it lends credence to his resolve to fulfill his campaign promise of supporting Small and Medium Enterprises as a sure economic booster.

“As a business man, one of the greatest challenges we have on our balance sheets is interest on loans which sometimes overrides everything you’re doing and we struggle so hard.

“So having gone through that path, I knew that one of the best things we could do to encourage enterprises in our state and support our young people would be to partner with them and make sure they have source of good funding,” he stated.