BoI Tasks Niger Govt On N200m MSME Fund | Independent Newspapers Limited
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BoI Tasks Niger Govt On N200m MSME Fund

Posted: Jul 30, 2015 at 7:08 pm   /   by   /   comments (0)


By Chinwendu Nnadozie, Minna


The Bank of Industry (BoI) has called on the Niger State government to release N200 million for it towards assisting Micro, Small Medium Enterprise (MSME) as part of strategies to fast-track development of the industrial sector in the state.

The initial N600 million contributed by the state and the BoI had been exhausted, hence, the need for the state government to release the outstanding N200 million of the state contribution, the Managing Director of the Bank, Mr. Rasheed Olaoluwa, said.

Olaoluwu made the clarifications on efforts made by BoI towards encouraging states to invest in the industrial development after the commissioning of Niger State branch of the bank in Minna on Thursday, July 30, 2015.

Olaoluwa said, “The N600 million contributed by Niger State government and BoI is exhausted and needs to be replenished to facilitate the attainment of the developmental objectives of the government, particularly job and wealth creation.”

According to him, “You will recall that BoI and Niger State Government executed a memorandum of understanding in June 2009 to set up an MSME Development Fund in the sum of N1Billion, dedicated to the provision of financial assistance for MSMEs in Niger state”.

He said that Niger State was the first out of the 19 northern states to partner BoI under the state’s Matching Fund Programme (MFP), adding that, “Niger State government has so far released N300 million as part of its contribution which was matched in equal amount by the BoI”.