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Bank of Industry working on raising loan facilities to MSMEs to drive sector on recession

As a way of deepening the activities of Micro, Small and Medium Enterprises (MSMEs) who analysts say remain the best bet in early exit of recession, the Acting Managing Director of Bank of Industry, Mr. Waheed Olagunju, has given an assurance that the bank will raise the volume of loan portfolio to the sector.

Olagunju who bagged the award of the Leadership Public Service Person of 2016 during

He stated this at the Leadership conference shortly after he received an award of the Leadership Public Service Person of 2016 said that the bank had increased its volume of loans to the MSMEs and young graduates, on flexible repayment terms to support the economic diversification agenda of the Federal Government.

Speaking on the theme “The rice economy,” BoI boss noted that “As a policy, the bank commits 85 per cent of its resources to funding the MSMEs only. Our strong resolve is to rapidly increase the volume of loans to the MSMEs with high viability prospects.

“The bank will increase its loans and continue to be involved in national development,” Olagunju assured.