N500bn Social Intervention Fund: BoI Begins Implementation of N140b Enterprise Fund
The Bank of Industry (BoI) has started implementing the N140b Government Enterprise and Empowerment Programme (GEEP) Fund, which is part of the N500billion social intervention package.
Under GEEP, the BoI would be responsible for identifying and disbursing soft loans to 1.6 million Nigerians across the country, comprising market women, youths, artisans, farmers. Are your ready?
Based on BoI’s impressive antecedents in the management of intervention funds, the Federal Government is very confident that the bank would similarly implement the GEEP successfully.
Minister of Industry, Trade and Investment, Okechukwu Enelemah, who spoke during the Annual General Meeting (AGM) of BoI in Abuja, urged the bank to brace up for increased responsibilities.
“The bank disbursed N83.5b to over 700 enterprises that generated almost 400,000 direct and indirect jobs during its 2015 financial year, he said, pointing out that it also posted a profit before tax of N11.947b.”
Enelamah challenged BoI to intensify efforts at mobilising suitable financial and non-financial resources from within and outside Nigeria, as he put it, “for the transformation of Nigeria’s industrial sector in accordance with the Nigerian Industrial Revolution Plan (NIRP) that emphasises processing and adding value to Nigeria’s vast agricultural, solid minerals and petroleum resources amongst other areas of our resource endowments and comparative advantage.
“As one of Africa’s leading policy based development finance institutions (DFI), the Bank of Industry will continue to play active roles in Nigeria’s economic development. This is sequel to the recent signing into law of the 2016 National Budget.”