Rasheed Olaoluwa, MD, BOI
From: Diana Okon-Effiong, Calabar
The Bank of Industry (BOI) has inaugurated its 15th Nigerian office in Calabar and approved a lending facility worth N6.9 billion to Small and Medium Scale enterprises in the state.
Speaking at the unveiling of the office, Mr Rasheed Olaoluwa, Managing Director of BOI on Tuesday said that the facility was approved as at Sept. 30 this year to the SMEs which included Eastern Premier Feeds Limited, Niger Mills Limited, and United Cement Company Limited.
He said BOI had a N500 million Matching Fund partnership with the Cross River Government where each party contributed N250 million.
“This N500million fund is for the industrial development of the State, as well as economic empowerment of the people and is provided as loans at a subsidized interest rate of 8% per annum,” he said.
Olaoluwa also said that Micro, Small and Medium Enterprises (MSMEs) in the state could now access BOI’s development finance and business advisory services, adding that market opportunities existing in the State were enormous.
The BOI’s Managing Director, who lauded the people of Cross River for their friendliness, resourcefulness and entrepreneurial spirit, noted that the State is richly endowed with agricultural and solid mineral resources such as oil palm, cassava, rice, limestone, granite, among others.
He said that the establishment of the state office will further strengthen the existing partnership between BOI and the Cross River Government.
“The Bank of Industry has adopted a cluster-based SME financing approach in our lending activities by identifying 35 SME Clusters across the country. Consequently, lending to entrepreneurs in Cross River will be targeted at SME Clusters in which the State has comparative advantage such as, fish farming/processing, food processing, oil palm processing, rice and others,’’ he said.
Gov. Ben Ayade of Cross River, who unveiled the new office, said that his administration was determined to transform its economy to a first world economy.
Ayade, who was represented at the occasion by his deputy, Prof Ivara Esu, said he would achieve this successfully through private sector participation in driving the economy of the state.
He urged small and large-scale industrialists, existing and aspiring entrepreneurs and the general public to take full advantage of the presence of the BOI in the state.
He assured the bank of the support of the state government, to enable it operate effectively and add value to state for economic transformation.
Obong Iniobong Jackson, Chairman, Manufacturers Association of Nigeria (MAN), Calabar and Akwa Ibom Branch, also commended BOI for having the confidence to open a branch in Cross River.
He said that the branch would make it possible for residents and people of Cross River and Akwa Ibom to access funds from the bank.
“I wish to appeal that the Calabar office of BOI be made a zonal office for the South-South region to enable SME’s access funds to expand their businesses,” he said.
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