Fidelity Bank, BOI unveil scheme to promote Nigerian leather

TOpnigerian lender, Fidelity Bank Plc, in strategic partnership with the Bank of Industry (BOI), has launched the Aba Finished Leather Goods Cluster Financing Programme, as part of continuous efforts to promote Madein-nigeria goods capable of meeting global standards for export and local consumption.

About N400million in financ- ing provided by BOI will be made available on a quarterly basis to over 300 members of the Leather Products Manufacturers Association of Abia State (LEPMAAS). The funds will be disbursed through the Fidelity Bank, while the Ford Foundation would provide technical support to the artisans. Speaking at the formal launch of the initiative in Aba last week, the Bank’s Chief Executive Officer, Nnamdi Okonkwo, said the partnership with BOI further underlines the Bank’s staunch commitment to addressing the financing challenges confronting Micro Small Medium Enterprises (MSMES) in Nigeria.

Noting that the financing scheme will further boost import substitution, Okonkwo, who was represented by the Bank’s Head, Corporate Bank, Obaro Odeghe, pointed out that the loans will enable them procure requisite materials and equipment for production and expansion. Under this scheme, he said the Bank will provide shortterm loans with maximum obligor limits of N300,000 to N500,000 to qualified members of LEPMAAS.

According to him, the partnership with BOI is in furtherance of the financial institution’s commitment towards building the next generation of international entrepreneurs in the art of leather products manufacturing in the cluster.

Okonkwo said: “Our long-running support for the growth and development of MSMES stems from the utmost recognition of their strategic importance, as critical agents of economic development and transformation in Nigeria.

“Under the scheme, we will also provide tailored capacity building support to members of LEPMAAS.”

To enhance its Executive governance activities, and support Boi’s planned monitoring of loans under the programme, Fidelity Bank donated an ultra-modern and fully equipped secretariat to LEPMAAS.