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Bank of Industry raises $1.1bn facility  to support MSMEs, others

Bank of Industry raises $1.1bn facility to support MSMEs, others

The Bank of Industry has raised a €1bn (about $1.11bn) medium-term syndicated facility from the international capital market to support micro, small, medium and large enterprises across key sectors of the Nigerian economy. The PUNCH reports.

With the successful conclusion of this transaction, the BOI is poised to catalyze domestic production and job creation on a transformational scale, enhance local industry competitiveness, and attract domestic and foreign investments.

The move would also assist the bank integrate local industries into domestic, regional and global value chains;  grow export earnings and positively impact the overall economic development of Nigeria in line with its mandate.

In 2019, the BOI with the support of its various stakeholders disbursed a total of N234bn to 10,145 enterprises, thus creating over one million estimated direct and indirect jobs.

A statement from the BOI said the new facility was in line with the Federal Government’s plan to revitalize Nigeria’s industrial sector and create 10 million jobs.

The move would also assist the bank integrate local industries into domestic, regional and global value chains;  grow export earnings and positively impact the overall economic development of Nigeria in line with its mandate.

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