Bank of In­dus­try tar­gets N220bn loan dis­burse­ment by year-end as it reaches N171bn in nine months

Business a.m. - - MANUFACTURING - Nse An­thony-Uko

NIGE­RIA’S MA­JOR de­vel­op­ment lender to busi­nesses and the in­dus­trial sec­tor, Bank of In­dus­try (BoI) has set a tar­get of dis­burs­ing N200 bil­lion in form of loans and ad­vances by the end of fis­cal 2018. It said it has so fardis­bursed N90 bil­lion more loans in the first nine months of this year than it did in the whole of 2017.

Be­tween Jan­uary and Septem­ber this year, a to­tal of N171 bil­lion was dis­bursed by the bank as loans to var­i­ous sec­tors of the econ­omy, rep­re­sent­ing an in­crease of N90 bil­lion over the N81 bil­lion, which the bank gave out as loans un­der its in­ter­ven­tion pro­grammes to var­i­ous sec­tors of the econ­omy in 2017.

Jonathan Tobin, ex­ec­u­tive di­rec­tor, cor­po­rate ser­vices, BoI, who con­firmed the loan dis­burse­ment at a col­lo­quium held on the side­lines of the Cen­tral Bank of Nige­ria’s work­shop on mon­e­tary pol­icy im­ple­men­ta­tion amidst global eco­nomic pro­tec­tion­ism, said the bank is tar­get­ing to­tal dis­burse­ment of N200 bil­lion by the end of this year.

Tobin said out of the N171 bil­lion loan that was dis­bursed by the bank dur­ing the nine-month pe­riod, the Small and Medium En­ter­prises sec­tor got N23 bil­lion.

This, ac­cord­ing to him, rep­re­sents an in­crease of N15 bil­lion over the N8 bil­lion, which the small busi­ness op­er­a­tors re­ceived in the whole of 2017.

He said the man­age­ment of the bank un­der­stood the im­por­tance of fund­ing to the growth of small busi­nesses, adding that this was why it re­cently got a $750 mil­lion fa­cil­ity from 17 fi­nan­cial in­sti­tu­tions to fund the Mi­cro, Small and Medium-scale En­ter­prises sec­tor of the econ­omy.

Tobin put the fund­ing gap in the in­dus­trial sec­tor at about N700 bi llion, not­ing that the bank was mak­ing ef­forts to fur­ther boost its fund­ing to var­i­ous sec­tors of the econ­omy.

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