Acting Managing Director, Bank of Industry (BOI), Mr Waheed Olagunju, said that the bank targeted to disburse N212 billion this year which would lead in creating one million jobs.
Olagunju said this at the 56th Annual General Meeting (AGM) of the bank on Monday in Abuja.
He said that the bank’s focus was on financial liability, developmental impact and social development of the country.
“The bank is on course in 2016 to surpassing the N83.5 billion that was disbursed in 2015.
“As at the middle of the current year the bank had approved loans totalling N95 billion to more than 400 enterprises and is working assiduously to approving more loans in the second half of 2016.
“This will ultimately see the meeting of the institution’s disbursement target of N212 billion that can potentially lead to the creation of almost one million jobs in addition to the 1.6 million projected under the Government Enterprise and Empowerment Programme.
“At the rate of 2.6 million jobs per annum, BOI’s interventions can generate more than 10 million jobs in the next four years which is what is required to reduce the unemployment rate in the country to single digit,’’ Olagunju said.
He said that in order to deepen the bank’s credit delivery process and financial inclusion initiatives, the bank would strengthen its collaboration with its foreign and domestic partners including community based organisations.
Olagunju said that the bank was working closely with the African Development Bank (AfDB) by aligning its operations more with AfDB High Fives initiatives, which include Light Up and Power Africa, Feed Africa, Integrate Africa, Industrialise Africa, and improve the quality of life for the people of Africa.
He said that some of BoI’s activities were already in line with AfDB’s High Fives like the bank United Nations Development Programme (UNDP) Solar Power Programme, Graduate Entrepreneurship Fund, among others.
The Minister of Trade and Investment, Mr Okechkwu Enelamah, commended the bank for its various developmental initiatives in support of the Federal Government’s policy thrusts, priorities and programmes.
Enelamah was represented by the by the Ministry’s Permanent Secretary, Mallam Aminu Bisalla.
He also commended the bank for its increased collaboration with its domestic and foreign development partners in the public and private sectors including state governments, community based organisations and traditional institutions.
“They are helping to deepen BoI’s credit delivery process and develop the micro small and medium enterprises sector.
“I implore you (bank) to work towards entering into partnership with more state governments to enable it launch MSME Development Funds with all the 36 states before your next annual general meeting in 2017,’’Enelamah said.