BoI Increases Support to N53Bn

^{BoI Increases Support for MSMEs to N53Bnthe Bank of Industry (BoI) has disclosed that it made a total disbursement of N53 billion to micro, small and medium scale enterprises (MSMEs)  in 2019, in demonstration of its commitment to the development the segment in the country.}

^{This was a 56.3 per cent year-on-year increase from the N33.9 billion disbursed in 2018.}

^{This was announced at the Bank’s 60th Annual General Meeting held virtually in line with COVID-19 protocols of the federal government.}

^{During the year under review, the BoI stated that it disbursed a total of N234 billion to a total 10,145 enterprises, thereby facilitating the creation of an estimated one million direct and indirect jobs.}

^{Presenting the Group’s financial scorecard for the year 2019, Mr. Aliyu Abdulrahman Dikko, chairman, Board of Directors, stated “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.”}

^{According to him, the Group grew its total equity by 13.5 per cent to N293.09 billion for the year ended 2019, over 2018 position of N258.24 billion.}

^{However, he noted, the group’s total asset dropped slightly by 2.7 per cent to N1.04 trillion.}

^{The Group also recorded profit before tax increase by 7.3 per cent to N39.34 billion year-on-year, over the N36.66 billion 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 N634.11 billion in 2018 to N740.03 billion in 2019.}

^{Interest income and interest expense increased by 20 per cent and 54 per cent on a year-on-year basis respectively, due to increase in loan book as well as the impact of borrowings.}

^{He said, “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 €1 billion (One Billion Euro) through syndication by international banks for onlending to SMES to create jobs.”}

^{Mr. Kayode Pitan, managing director of BoI, described the year under review, which marked the 60th anniversary of Nigeria’s oldest Development Financial Institution, as a significant year for the Bank.}

^{“As a Bank, we have survived 60 years and by God’s Grace, the Bank has done very well,” he said. “The balance sheet of the Bank, after 60 years, is now slightly over one trillion Naira; and the profit for last year was also very good.”}

^{Beyond the profit, he said, the Bank made strong impact on the economy by disbursing over N200 billion in 2019 to over 10, 000 different institutions and organizations, including the about 60 per cent increase in disbursement to the SME segment.}

^{“So for us, it was a good year,” he stressed.}