Business

BoI Disburses N234bn To 10,145 MSMEs

The Bank of Industry (BoI) disbursed a total of N234bn to 10,145 Micro, Small and Medium Enterprises segment in the country in 2019.

This facilitated the creation of an estimated one million direct and indirect jobs, according to the Chairman, Board of Directors, Aliyu Dikko who spoke at the bank’s 60th annual general meeting which held virtually.

While presenting the 2019 results, he said: “I am also pleased to report that the group’s balance sheet remains strong while our business operations are in line with both regulatory requirements and global best practices,”

“In the course of the year, we made significant progress towards improving the size of our loanable funds, leveraging our strategic partnerships in the international market and the support of the Central Bank of Nigeria.

“The bank was able to raise €1bn through syndication by international banks for on-lending to SMEs to create jobs.”

Dikko further revealed that the group grew its total equity by 13.5 percent to N293.09bn for the year ended 2019 over 2018 position of N258.24bn.

He, however noted that the group’s total asset dropped slightly by 2.7 percent to N1.04tn.

The group also recorded an increase of a profit before tax by 7.3 per cent to N39.34bn year-on-year over the N36.66bn recorded in 2018.

On loans and advances, the chairman said that despite a slow start in the first quarter of the year due to the build-up to the 2019 general elections, the group recorded a growth of 16.7 per cent from N634.11bn in 2018 to N740.03bn in 2019.

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