To expand its financial intermediation services to small businesses in Sokoto State, the Bank of Industry (BoI) has concluded plans to set up a micro, small and medium scale business development Fund dedicated to the provision of financial assistance to indigenous entrepreneurs in the state.
Indeed, the move, is subject to the execution of a memorandum of understanding with a fund size of N2 billion to be contributed by both parties in equal amount of N1 billion each.
Specifically, the bank, hinging its intervention exercise on the competitive and comparative advantage of each state, has commenced a product programme which is targeted at funding projects in 40 clusters, with focus on the groundnut oil, animal feeds, leather products, rice processing, food processing, quarries and meat processing clusters.
Speaking at the commissioning of the bank’s state office in Sokoto, the Acting Managing Director, Waheed Olagunju said the bank’s presence in the state will aid developmental impact of the Bank in support of the real sector and also complement the state government’s socio-economic development objectives.
According to the bank, it has provided loans in excess of N1.6 billion to companies and micro enterprises spread across the state with over 600 direct and indirect jobs created as at the end of March, 2016.
“Sokoto State is very central to BoI’s strategy of ensuring that our development finance services are brought closer to the people of the State especially in our bid to vastly improve our service delivery efficiency, while also reaching out to all parts of the entire North West region. Our choice of Sokoto as the seat of our State office was one that was very carefully made.
“Apart from being the nerve of Northern Nigeria, Sokoto also boasts of numerous markets, a repository of rich historical and cultural legacies, and an abundance of rich agricultural and mineral resources such as rice, livestock, cotton, tomatoes, guinea corn, millet, gypsum, gold among others.
“The management of the bank decided to open Sokoto State office so as to sustain our continued effort to serve Sokoto and Kebbi States better and vastly improve on the turnaround time for processing transactions”, he added.
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