BANK of Industry, BoI, has said that over N24 billion loans have been disbursed to Kano State industrialists. Olukayode Pitan, managing director, BoI, said the funds generated through different funding windows such as BoI/KNSG matching fund, Bol-Dangote fund, GEEP(Market Moni), FG MSME fund , YES -P fund and GEF fund, were invested across various sectors of the Kano State economy which include: agro-business, petrochemical and gas, metal fabrication, infrastructure and solid mineral.

Pitan, who disclosed this at a recent meeting with Governor Abdullahi Ganduje of Kano State, said generally, as at August 31, the bank had provided loans in excess of N24,029,566.36 billion to SMEs and MSMEs, across the state with over 96,000 direct and indirect jobs.

He added that some of the business concerns that are being supported by the bank include cooperative, business enterprises and limited liability such as Rubu Sacks Ltd, Marshall Buscult Ltd, Ammasco International ltd, and BBY sacks ltd, Gwale Soap MPCS limited among others.

On the bank’s efforts to deepen its presence in the state, Pitan said: “In its continuous bid to deepen its credit delivery process, BoI has commenced cluster-based programme that are targeted at funding projects in the 40 identified clusters and to this effect, BoI shall continue to accord priority to these clusters under the programme. “Some of the these cluster include: Rice cluster in Kura, Kabiya and Bunkure-Argo mechanisation, Tomato cluster in Kadawa-tomato fund and Leather cluster at Kofa Wambai-leather fund.”

Giving update on the N2billion MSMEs matching fund deal which was consummated in 2013, Pitan said over N424, 986million had so far been disbursed to beneficiaries from the initial tranche of N500million. He noted that the injection of the fund into the state’s Micro, Small and Medium Enterprises sub-sector had also led to the generation of 1,655 jobs.

The disbursed N424, 986, 760m loan facility, according to Pitan, is part of the N2 billion matching fund aimed at developing existing and new Micro Small and Medium Enterprises in the state. He also disclosed that a loan of over N101,660 million covering seven companies had been approved and awaiting disbursement.

Responding, Ganduje disclosed that the bank had in the process generated about 96,000 direct and indirect jobs in the small medium enterprises, SMEs, as well as micro small and medium enterprises, MSMEs, sub-sectors of the state.

The governor praised the bank for its several interventions in the state even as he assured of his continued commitment to the improvement of the living standard of the people of the state through investment in real sector.

– Sept 22, 2017 @ 10:26 GMT /