BoI obtains a loan of 750 million single-digit Afreximbank for MSMEs

The syndicated credit facility of $ 750 million ($ 250 billion) that the Bank of Industry (BoI) received from the African Bank for Export and Import (Afreximbank) will be paid to Micro, Small and Medium Enterprises at single digit interest rate. ] The Director General of the Bank of Industry, Mr. Olukayode Pitan, made this revelation on the last day of the 25th Anniversary and the Annual General Meeting of Afreximbank at a special event. interview given to journalists in Abuja

. Nigeria, for a period of five to seven years, would allow the BoI to fill the funding gap for MSMEs estimated at about 700 billion naira. "

This fund would be" granted to companies operating in the creative industry, gender-based enterprises to help reduce the unemployment rate in the country and create wealth for small and medium enterprises.

"We look at small, medium, and large businesses.We consider that companies or businesses that focus on the use of local raw materials, companies that generate employment generate jobs and reduce their cost of borrowing, "he said.

Pitan said: interest rate per year. We are working with the Central Bank of Nigeria for the loan we will give to businesses Nigerian is a longer-term loan of seven to eight years for the industrial sector. "

The historic agreement was signed in the presence of President Muhammadu Buhari who insisted on witnessing the signing ceremony of 39, an agreement in Abuja, funded by 16 banks (among which: Africa Export-Import Bank, the ECOWAS Investment and Development Bank, British Arab Commercial Bank Plc and four Nigrrian-based banks in the United Kingdom)is the largest facility of its kind to be hosted by a Development Finance Institution (DFI) in Nigeria.

According to Pitan, "the idea is to support the industries.What this loan allows us to do, it is to give 250 billion additional nairas according to the exchange rate used, between 230 and 250 billion nairas to deploy in the industrial sector.There is a deficit in financing the industrial sector, to the tune of 704 billion naira.C is our way to reduce this gap. "