By Yinka Kolawole

The Bank of Industry (BoI) has disbursed N18 billion to boost the expansion of small and medium-scale industries (SMIs) in Oyo State, out of a total amount of N20 billion intervention fund approved for the state.

Managing Director, BoI, Mr. Olukayode Pitan, who led the bank’s management team on a courtesy visit to Governor Abiola Ajimobi at his office, in Ibadan, said Oyo State was in a vantage position to support BoI’s quest to reposition the country’s economy through the empowerment of SMIs.

Pitan explained that industrial concerns were the beneficiaries of the N18 billion already disbursed, stressing that the balance of N2 billion is meant for other beneficiaries yet to access the fund.

His words: “Oyo State is very dear to the heart of our organization due to its proximity to Lagos, which is an African commercial nerve center and for the rest of the country. So, we are supporting a lot of industries in Oyo State. Out of the N20 billion approved for the state, N18 billion had been disbursed to beneficiaries in the SMIs sector. The balance of N2 billion is yet to be disbursed.

“This gesture is solely because of the importance of Oyo State as the gateway between Lagos, and the Southern and Northern Nigeria. The giant stride of the current administration in Oyo State is obvious to all in the areas of physical infrastructure, urban renewal and industrialization.”

In his response, the governor called on the bank to look closely at the possibility of funding the emerging technological hub in the state, as well as agriculture due to the pivotal roles both could play in making the state another commercial haven.

Ajimobi lamented that the state lost its commercial glory over a period of time due to negligence of SMIs by successive administrations, adding that his administration was working round the clock to revamp the economy of the state.

He said: “The position of Oyo State in geographical, historical and commercial dominance in the past was overtaken by other states due to the neglect of SMIs. But, since our coming we have been working hard to harness the potential of the state in order to restore the lost glory.

“The present development in Oyo State was premised on security, social infrastructure and industrialization. We believe in using technology to turn things around. This is why we established the Free Trade Zone, Technical University and other technical corridors. This is the area we believe your bank’s intervention is mostly needed and useful. Lack of middle-level manpower in Nigeria, which has become an economic albatross, is where your bank can come in and assist investors.”