By Favour Nnabugwu

Managed funds, under the portfolio of Bank of Industry, BoI, has hit N44.6 billion as at the end of 2015 financial year.

Acting Managing Director of the bank, Mr. Waheed Olagunju, stated yesterday in Abuja that the bank was strengthening its collaboration with its foreign and domestic partners, and community-based organisations, CBOs, to deepen the bank’s credit delivery process and financial inclusion initiatives.

He said: “The bank is on course to surpass the N83.5 billion disbursed in 2015.

“As at the middle of the current year, the bank had approved loans totaling N95 billion to more than 400 enterprises and working to approve more loans in the second half of 2016.”

He said meeting the institution’s target of N212 billion could lead to the creation of almost one million jobs, in addition to 1.6 million projected under the Government Enterprise and Empowerment Programme.

The funds managed by BoI as at December 31, 2015, include N8.12 billion National Automotive Council Fund; N2.9 billion Dangote Fund; N12.3 billion Rice Processing Fund; N12.5 billion Cement Fund, among others.

He said the fund had risen above the figure, following various Memoranda of Understanding, MoU, sealed with its stakeholders since the beginning of 2016.