The Bank of Industry Limited (BoI) has moved to deepen its penetration across the country in a bid to foster economic growth, financial inclusion, and entrepreneurship development nationwide.
The bank is also supporting investment in critical growth sectors.
The Managing Director of the bank, Olasupo Olusi said during the opening of its 32nd state office in Akwa Ibom State.
Olusi expressed this enthusiasm, while speaking at the opening of the new office located at the Dakkada Plaza in the commercial centre of Uyo, saying that the move would also give the bank the opportunity of increasing its impact across the Akwa Ibom business landscape.
Olusi disclosed that the bank had already been supporting businesses in the state, with loans amounting to over N1.92billion to Micro, Small, and Medium Enterprises (MSMEs) projects located in the state.
He expressed enthusiasm that the bank’s presence in Akwa Ibom, would be a boost Governor Umo Eno’s economic blueprint goals aimed at transforming the socio-economic landscape through sustainable growth, job creation, and developmental impact.
On further collaboration with the state government to support MSMEs, Olusi said the Bank looked forward to the successful implementation of a dedicated matching fund partnership with the government to support indigenous enterprises and unlock the entrepreneurial capacity of youths in Akwa Ibom State.
“Looking ahead, we look forward to the successful implementation of a dedicated matching fund partnership with the state government to support indigenous enterprises and unlock the entrepreneurial capacity of youth in this great state.
“Furthermore, we appeal to the state government to urgently address some of the challenges relating to the issuance and registration of collateral titles towards improving the ease of doing business for enterprises within the state,” Olusi said.
“The state office will offer a range of financial products and services tailored to meet the unique needs of the local community, including funding support for businesses, capacity building initiatives, and financial literacy programs aimed at empowering entrepreneurs,” he said.
Inaugurating the BOI branch office , Akwa Ibom State Governor, Umo Eno described the occasion as a foremost businesslike event undertaken by him since the inception of his administration, adding that it lends credence to his resolve to fulfill his campaign promise of supporting Small and Medium Scale Enterprises, SMEs, as a sure economic booster.
Governor Eno who expressed delight over the advent of BoI in the State, said that establishment of the bank was a bold move towards realising the lofty goals of the second and fourth aspirations of the ARISE Agenda which include job creation, economic prosperity and promotion of the spirit of industry and entrepreneurship as well as sustainable economic growth among Akwa Ibom people.
He noted that the reception accorded the bank at the State Executive Council Chamber and accommodating it at the treasured Dakkada Tower in the heart of the state capital, were indications of the premium his administration places on entrepreneurship development.
He lauded the Bank of Industry’s disposition as a premium bank dedicated to the task of transforming Nigeria’s industrial sector, support SMEs and large enterprises with low interest and long term loans.
According to him, the imperative of SMEs as the engines of economic and sustainable growth all over the world and the availability of single digit interest loans, which the Bank provides as the catalyst for growth and development across the nation.
“As a business man, one of the greatest challenges we have on our balance sheets is interest on loans which sometimes overrides everything you’re doing and we struggle so hard.
“So having gone through that path, I knew that one of the best things we could do to encourage enterprises in our state and support our young people would be to partner with them and make sure they have source of good funding,” he said.
Inaugurating the BoI branch office, Governor Umo Eno described the occasion as a foremost businesslike event undertaken by him since the inception of his administration, adding that it lends credence to his resolve to fulfill his campaign promise of supporting Small And Medium Scale Enterprises, SMEs, as a sure economic booster.
Eno, who expressed delight over the advent of BoI in the state, said that establishment of the bank was a bold move towards realising the lofty goals of the second and fourth aspirations of the ARISE Agenda which include job creation, economic prosperity and promotion of the spirit of industry and entrepreneurship as well as sustainable economic growth among Akwa Ibom people.
He lauded the Bank of Industry’s disposition as a premium bank dedicated to the task of transforming Nigeria’s industrial sector, support SMEs and large enterprises with low interest and long term loans, affirming the imperative of SMEs as the engines of economic and sustainable growth all over the world.
“As a business man, one of the greatest challenges we have on our balance sheets is interest on loans which sometimes overrides everything you’re doing and we struggle so hard,” he said.
