The Federal Government has disbursed N1.24tn to 4.21 million enterprises through the Bank of Industry in six years, the latest report on disbursements by the bank showed.
Data in the report indicated that the disbursements, comprising loans and grants, were received by micro, small and medium enterprises as well as large scale businesses between 2015 and 2021.
In the document, titled, “Institutional Turnaround for the Next Level,” obtained by our correspondent in Abuja on Friday, the Managing Director, BOI, Olukayode Pitan, explained that a total of N315bn was disbursed to over 4.2 million MSMEs.
This, he said, created an estimated 4.896 million direct and indirect jobs across the country during the six-year period.
For large enterprises, the BOI boss stated that the government through the bank disbursed N927.1bn to 1,074 businesses, creating 9.048 million direct and indirect jobs during the period under review.
He noted that for the Government Enterprise Empowerment Programme and the N-Power Social Investment Programmes, the bank facilitated the disbursement of N68.0bn ($220.6mn) to 2.9 million beneficiaries.
On the North East Rehabilitation Fund, the report stated that “to date N569.3mn ($1.8mn) has been disbursed to 56,934 beneficiaries.”
It stated that for the MSME Survival Fund Scheme under Nigerian Economic Sustainability Plan, the bank had facilitated the disbursement for the 7N5bn MSME Survival Fund.
“To date, N58.68bn has been disbursed to 881,748 beneficiaries under the scheme,” the report stated.
For disbursements to businesses under the micro-enterprises category, the report explained that they included formal, informal businesses and co-operatives, including market women, traders and artisans.
It further said that the aim was to manage the Federal Government’s initiatives to support micro-enterprises, given that they were serviced via technology and telecoms platforms, state offices and microfinance banks.
It added that “the segment typically seeks finance of up to N10m.”
In the small and medium enterprise category, it stated that registered SMEs were identified across key clusters and were serviced through BOI state offices across the country, as the loan values were between N10m- N1bn
For large enterprises included registered large companies across key sectors of the economy, as they were serviced primarily at the BOI head office and got loan amounts of over N1bn.
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