The Bank of Industry has secured a $750 million facility from 17 financial institutions to fund the Micro, Small and Medium Enterprises sector of the economy.
The syndicated facility will be given by the 17 banks to the BoI to boost its funding of MSMEs in the country.
Some of the lenders that will provide the funds are the Africa Export-Import Bank, the ECOWAS Bank for Investment and Development and British Arab Commercial Bank Plc, among others.
President Muhammadu Buhari is expected to witness the formal signing of the agreement today (Saturday) for the disbursement of the facility to the BoI.
Speaking at an event on the sidelines of the African Export-Import Bank Annual Meeting in Abuja, the Chairman of the Board, BoI, Aliyu Dikko, described the facility as a game changer for the bank, particularly as it related to financing of entrepreneurs in the country.
He described the facility as timely as it would assist the bank to effectively play its developmental role in the economy.
Dikko said, “This event is historical because this is the biggest relationship we have ever had with AFREXIM Bank and it’s a major milestone towards achieving our mission and vision. This day is one of the most successful days in the history of our bank. Our bank has the capacity to impact on the MSMEs and this facility will go a long way in assisting us to achieve our objective.
“We commend the group of 17 banks for participating in the syndication and we will use the fund for what it is meant to be used for.”
The Managing Director, BoI, Mr Olukayode Pitan, said the bank had the capacity to effectively utilise the fund for the development of the Nigerian economy.