OSUN, OCTOBER 13, 2017 – In continuation of its support to entrepreneurs across the country, the Bank of Industry (BoI) said it has disbursed loans in excess of N3.5 billion to support Small and Medium Enterprises (SMEs) in Osun State.
Mr. Olukayode Pitan, Managing Director of BoI, confirmed the figure at a Business Summit held in Osogbo, Osun State capital.
He added that the move was in tandem with the bank’s integral plan to develop small and medium enterprises in the state.
Pitan explained that the focus of the organisation was to make access to loans easier for small-scale business owners.
The BoI boss identified high interest rate as a bane of SMEs in Nigeria. He assured the small-scale business owners that the bank would work assiduously to give them soft loans at affordable interstate rates.
“We are doing everything possible to reduce the adverse effects of high interest rates on small and medium enterprises loans by partnering with some micro-finance banks who could give loans at an affordable rates to our business men and women,” he said.
“I want to assure everyone that BoI is open for serious business,” he said.
Meanwhile, the Commissioner for Commerce, Investment and Cooperative in the state, Ismael Alagbada, has reiterated the commitment of the Rauf Aregbesola administration to make the advancement of SMEs a priority.
“SMEs remain the cornerstone of industrial revolution anywhere in the world. That is why we make the development of the sector a great priority in our six-point integral plans,” he said.
“Without small scale industries, there can’t be big industries. It is small and medium enterprises that metamorphosed to big ones, “Alagbada added.
The Chairman of Nigeria Association of Small and Medium Enterprises (NASME), Osun chapter, Femi Ayedun, called on government to ensure prompt approval of land titles and Certificates of Occupancy which are key to banks and finance houses and for accessing bank loans.
Ayedun called on government to make bank loan process less cumbersome to make access easier for the people.