BoI Disbursed N127 Billion To MSMEs In 2014 | Independent Newspapers Limited
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BoI Disbursed N127 Billion To MSMEs In 2014

Posted: May 15, 2015 at 12:35 am   /   by   /   comments (0)

By Akinwunmi King  –  Lagos


In a bid to render support to the Medium and Small Scale Enterprises in (MSMEs) in the country, the Bank of Industry (BoI) said it disbursed a total sum of N127 billion loans to them in 2014 financial year.

Abdulsamad Rabiu

Abdulsamad Rabiu

Chairman, Board of Directors, BoI, Abdulsamad Rabiu, who made this disclosure at the bank’s 55th Annual General Meeting, explained that the bank was able to wade through the nation’s challenging business environment to achieve loans and advances of N544.3 billion in 2014.

According to him, “the group achieved loans and advances of N544.3 billion in 2014 compared to N498.2bn in 2013, which represents a growth of nine per cent despite a challenging operating environment.”

He said despite the harsh economic climate, the group’s capital and reserves grew by 5.9 per cent from N153.7bn in 2013 to N162.2bn in 2014, adding “in the same vein, profit for the year improved significantly from N2.18bn in 2013 to N5.19bn representing a growth of 137 per cent.

The Chairman further noted that the growth profitability was an indication that shareholder value was being enhanced owing to its achievement of its developmental mandate.

The bank also declared a dividend of N612 million for the year ended 31st December, 2014, claiming it created over 500,000 direct and indirect jobs from the N127 billion loans disbursed within the year under review.

Speaking on the future outlook for the bank, Rabiu said: “BoI would continue to monitor developments in the operating environment in order to ensure that pro-active steps are taken to achieve its corporate objectives”.

“Our new strategy blueprint provides a framework within which we shall operate by providing strategic focus in addressing the ever changing needs of our customers,” he added.