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220 MSMEs to access BoI loans yearly

By Franklin Alli

LAGOS — The Bank of Industry, BoI, has floated a scheme that will enable 220 Micro, Small and Medium Enterprises (MSMEs) in the country to access its loan facility every year.
The scheme, called Business Development Service Providers, BDSPs, requires the service firms to help the MSMEs package their business plans and proposals in a manner that the project can be financed by the bank.

Speaking during the signing ceremony of Memorandum of Understanding between the bank and 22 service providers, weekend in Lagos, Rasheed Olaoluwa, managing director/ chief executive officer, BoI, said the scheme was launched to boost the MSMEs access to finance because of their strategic importance to the economy.

The top five among the 22 firms are: IBFC Alliance Ltd; BoI-ITC; BCG Associate, Fortis Academy Ltd, Nigerian Youth Chambers of Commerce, among others.
“There are over 17 million MSMEs in Nigeria, they account for over 90 per cent of all companies and employ over 30 million people; yet, loans to SMEs accounts for less than 10 percent of BoI’s total loan portfolio.”

 


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