By Franklin Alli

The Bank of Industry (BoI) has provided N18 billion loans to industrial firms in the South West region of the country in the last one year to strengthen their operations.

The South West states comprise Lagos, Oyo, Ogun, Osun, Ondo; Ekiti and Kwara state.

Speaking during the commissioning of the bank’s state office in Ibadan, Oyo State, Managing Director and Chief Executive Officer of BoI, Rasheed Olaoluwa , disclosed that since last year till March 31, 2015, they had provide loans in excess of N18 billion to industrialise the South-west geopolitical zone of the country.

He explained that of the N18 billion, over 80 firms and micro enterprises spread across Oyo state as at March this year were given over N10 billion.

“Oyo State is very crucial to BoI’s strategy of ensuring that our development finance services are brought closer to the people of the State especially in our bid to vastly improve our service delivery efficiency, while also reaching out to all parts of the entire South West Region,” he stated.

According to him, Oyo State Government had also signed a Memorandum of Understanding (MoU) with BoI in 2012, which culminated in the establishment of the OYSG/BOI Micro, Small and Medium Enterprises (MSMEs) Matching Fund Scheme to the tune of N1biillion.

“To date, the bank has recorded a total loan approval of N375 million in respects of 68 enterprises.  Of this amount, a total of N225 million had been disbursed to 35 enterprises.  Additional disbursements to 17 other enterprises in the sum of N104 million is currently being processed while some of the new beneficiaries have been presented with cheque amounting to N124.17 million”, he added.

On his part, Oyo State Governor, Senator Abiola Ajimobi, who was represented by his Deputy, Moses Alake Adeyemo, expressed optimism that the new BoI’s regional and state offices would deepen the bank’s developmental impact in these states.