Bank of Industry has said that a dedicated matching fund partnership with the Akwa Ibom State Government will provide support for indigenous enterprises in the state.
The Managing Director of BoI, Dr Olasupo Olusi, said this in a statement on Tuesday, which disclosed that the bank had opened its 32nd state office in Akwa Ibom State.
He said, “Looking ahead, we look forward to the successful implementation of a dedicated matching fund partnership with the state government to support indigenous enterprises and unlock the entrepreneurial capacity of youth in this great state.
“Furthermore, we appeal to the state government to urgently address some of the challenges relating to the issuance and registration of collateral titles, towards improving the ease of doing business for enterprises within the stat
Olusi added that the expansion to Akwa Ibom State signified BoI’s commitment to deepening its penetration across Nigeria in a bid to foster economic growth, financial inclusion and entrepreneurship development across Nigeria by supporting investment in critical growth sectors.
BoI revealed that the new office will allow it to increase its impact in the state, as it has provided loans amounting to over N1.92bn to Micro, Small, and Medium Enterprise projects located in the state.
Speaking during the inauguration of the BoI branch, the Akwa Ibom State Governor, Umo Eno, described the occasion as one that lends credence to his resolve to fulfil his campaign promise of supporting Small And Medium Scale Enterprises, SMEs, as a sure economic booster.
Eno said, “As a businessman, one of the greatest challenges we have on our balance sheets is interest on loans which sometimes overrides everything you’re doing and we struggle so hard. So having gone through that path, I knew that one of the best things we could do to encourage enterprises in our state and support our young people would be to partner with them and make sure they have source of good funding.”
The Akwa Ibom State office is located at the Dakkada Plaza in the commercial centre ofUyo.
BoI is Nigeria’s oldest development financing institution.
It has a mandate to transform Nigeria’s industrial sector by providing financial assistance for the establishment of large, medium and small enterprises and rehabilitation of ailing ones.