The Bank of Industry (BoI) disbursed N5.6billion to Micro Small and Medium Enterprises (MSMEs) in the country last year. the Acting Managing Director, Waheed Olagunju, has said.
Waheed, who spoke at the Insurance Industry Consultative Council, National Insurance Conference 2016, with the theme, ‘Expanding National Resources and Infrastructure in Challenging Times,’ in Abuja, yesterday, promised to double the figure this year.
He said: “In 2015 we disbursed N5.6billion to MSMEs which was the highest annual disbursement ever in the history of the bank. In previous years the lending was N1.7billion.
“In 2015 we were able to increase to about 205 percent. This year, we are expected to double that which is why we are embarking on all these initiatives so we can support as many Nigerians as possible, especially the youths to enable them access BoI’s facilities.
“Manufacturing and industrialisation is what makes the major difference between the rich and the poor. There is no way we can make major progress without infrastructure, especially in manufacturing, solid minerals and agriculture. For us to embark on infrastructure projects, the project must be able to pay its way; there should be good demand and viable option; there must be effective purchasing power.”
According to Olagunju, Nigeria’s 180 million pouplation could either be an asset or a liability, adding that if it is deployed to productive use, it becomes an asset but if it is the contrary, then it becomes a liability. He said with the 774 local government areas, each of the local government has solid minerals and agricultural resources.