Bank Of Industry Disburses N3.5bn in Two Years

No Comments » July 30th, 2004 posted by // Categories: Chemical Industry in Nigeria



The Punch, Friday July 30,
2004

BOI disburses
N3.5bn in two years
Horatius Egua

The Bank of Industry said it has received a total of 594 loan applications worth
N130 billion from both the Small and Meduim Enterprises and the Large
Enterprises across the country since it was established two years ago.

Out of the number, only 29
projects worth N3.5 billion were approved. The capital formation was put at
N14.1 billion within the period under review.

In a multi media presentation on BOI, on Thursday, the Managing Director of the
bank, Dr. Lawrence Osa-Afiana said that within the period under review, a total
of 372 applications worth N20.8 billion were received from small scale
enterprises while 222 applications worth N109 billion were received from large
scale enterprises within the period.

The sectorial breakdown of the loan applications, according to the BOI boss,
showed that chemical had 75 applications worth N32.4 billion; solid minerals,
engineering and construction 57 worth N39.9 billion while the agro-industries
had 45 worth N12.2 billion.

The BOI boss also said the bank received 24 applications from the textiles and
leather sectorial group worth N13 billion, the new business development 21 worth
N11.4 billion while the SMEs 372 worth N20.8 billion.

The applications from the different sector according to the BOI boss cut across
the six geo-political zones with the South West zone topping with 310
applications and closely followed by the South East with 111.

North Central had 81, North West 41, North East 33 and the South South in the
rear with 18 applications.

Meanwhile, Osa-Afiana said he met with the Executive Secretary of The National
Automotive Council, Mr. Tony Igwe, on Thursday over ongoing appraisal of the
loan applications submitted by stakeholders seeking to participate in the N4.5
billion NAC fund.

Both the BOI and NAC would be expected to jointly monitor the projects when the
loans, which would attract a 10 per cent interest is finally approved later in
the year.

He said so far, BOI had received about 50 applications worth N15 billion noting
that NAC would carry out its own verification of the projects before the proper
appraisal by the bank begins in August.

The BOI boss stated that Igwe had assured him that by

Opt In Image
Send Me Free Email Updates

(enter your email address below)

Leave a Reply

*

Home | About | Contact | Login