BOI disburses N18bn for SMEs expansion in Oyo

The Bank of Industry has disbursed N18 billion, out of the N20 billion intervention fund meant to enhance the expansion of small and mediumscale industries in Oyo State.

The Managing Director, BOI, Mr. Olukayode Pitan, disclosed this when he led the management team on a courtesy visit to the Oyo State governor, Senator Abiola Ajimobi, at his office, in Ibadan, on Tuesday.

Pitan explained that industrial concerns were the beneficiaries of the N18bn already disbursed, stressing that the N2bn balance was meant for other beneficiaries who were yet to access the fund.

He said, “Oyo State is very dear to the heart of our organization due to its centrality to Lagos, which is an African commercial nerve center and for the rest of the country. So, we are supporting a lot of industries in Oyo State.

“Out of the N20 billion approved for the state, N18 billion had been disbursed to beneficiaries in the SMIs. The balance of N2bn is yet to be disbursed. This gesture is solely because of the importance of Oyo State as the gateway between Lagos, and the Southern and Northern Nigeria.”

In his response, the governor called on BOI to look closely at the possibility of funding the emerging technological hub in the state, as well as agriculture due to the pivotal roles the governor said both could play in making the state another commercial haven.

Ajimobi said the state lost its commercial glory over a period of time as SMEs were neglected by successive administrations, adding that his administration was working hard to revamp the economy of the state.