BOI Issues N496.72bn Credit Funding To 75,809 Firms in 2023

0

In 2023, the Bank of Industry disbursed N496.72bn credit funding to over 75,809 beneficiaries across the country.

Beneficiaries of the loans include but are not limited to micro, small, medium, and large enterprises. This created job opportunities that covered 2,198,953 direct and indirect jobs nationwide.

This was made known at the 64th Annual General Meeting, held on Wednesday in Abuja. Muhammed Bala, The Chairman of the shareholders committee of the bank revealed these figures while speaking.

This came as the bank reported its largest profit before taxes in its history, N153.81 billion, for 2023—a 117.69% increase from N70.7 billion the year before. According to him, the bank’s total assets increased from N2.37 trillion to N3.91 trillion, a 64.6% increase. It said that this demonstrated BOI’s enhanced financial stability and its ability to assist Nigeria’s industrial sector.

Adding, the committee chairman stated that BOI’s total equity experienced a substantial boost, growing by 57.7 percent from N427bn to N678bn while loans and advances witnessed a remarkable increase of 41.5 percent, growing from N803.6bn to N1.14tn

The bank is tirelessly pushing to ensure it renders financial assistance to struggling firms and businesses across the nation.

According to Bala, “In furtherance to its drive to boost job creation through its interventions, the BOI significantly increased its disbursements to large, medium, small, and micro enterprises, advancing credit amounting to N496.717 billion to 75,809 beneficiaries. These efforts have had a substantial socio-economic impact, creating approximately 2,198,953 direct and indirect jobs across the country.”

An additional analysis of the distribution revealed that N10 billion in loans were disbursed to 27,645 recipients, N42.9 billion in loans were given to 7,527 shops, and N350 million was given to fintech platforms.

Following the bank statement, “Through direct lending, as well as fund management on behalf of our strategic partners, the Bank disbursed the sum of N496.717 billion to 75,809 beneficiaries in 2023. This resulted in the creation of an estimated 2,198,953 direct and indirect jobs.

“Smallholder Farmer Financing Product: This is a value-chain financing product that connects farmers to guaranteed market off-takers. In 2023, the Bank disbursed N10 billion to 27,645 farmers. So far, 98,906 farmers have received financial support up to 23.66 billion under this scheme.

Also read: https://brandspurng.com/2024/05/24/konga-tech-month…recedented-deals/

“MSME Distributor Finance Programme: This programme was introduced by the bank in 2021 the programme is designed to provide much-needed working capital financing to micro businesses for the purchase and supply of Made-in- Nigeria products and services through intermediary companies. In 2023, the bank disbursed 42.9 billion to 7,527 retailers and other micro-enterprises. So far, a total of N6.9bn has been disbursed to 14,527 micro-enterprises as of December 2023.

“Fintech/Digital Lending Product: This product was introduced by the bank in 2021, to support micro-enterprises by leveraging collaborations with credible Fintech platforms In 2023, the bank, disbursed N350 million, while a total sum of N1.05bn has been disbursed to 1,415 beneficiaries since inception.”

Dr Olasupo Olusi, the Managing Director of BOI, observed that with the bank’s controlled intervention initiatives and disbursement lines, such as the Fintech/Digital Lending Product, MSME Distributor Finance Programme, and Smallholder Farmer Financing Product, Nigeria The bank has not only aided President Tinubu’s COVID-19 Action Recovery and Economic Stimulus, the Business Resilience Assistance for Value-Adding Enterprise, and other initiatives. The president’s “goals of economic recovery and job creation but also have empowered Nigerian enterprises, especially the micro and small ones, to remain in operation sustainably.”

Adding, he declared that the bank will carry out its medium-term corporate plan for 2022–2024 to maintainstrengthenrend and strengthening the industrial sector of the country.