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BANKING AND FINANCE

BoI Doles Out N18bn For SMIs Expansion In Oyo

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The Bank of Industry yesterday disclosed that it has disbursed N18billion out of the N20 billion intervention funds meant to enhance theexpansion of the small and medium-scale industries in Oyo State.

The bank’s Managing Director, Mr. Olukayode Pitan disclosed this when he led the management team on a courtesy visit to the Oyo State governor, Senator Abiola Ajimobi, at his office, in Ibadan.

He said Oyo State was in a vantage position to contribute hugely to the quest by the bank to reposition the country’s economy through the empowerment of SMIs, given its size and comparative advantage.

Pitan explained that industrial concerns were the beneficiaries of the N18 billion already disbursed, stressing that the N2 billion balance was meant for other beneficiaries who were yet to access the fund.

He said, “Oyo State is very dear to the heart of our organization due to its centrality to Lagos, which is an African commercial nerve center and for the rest of the country. So, we are supporting a lot of industries in Oyo State.

“Out of the N20 billion approved for the state, N18 billion had been disbursed to beneficiaries in the SMIs. The balance of N2bn is yet to be disbursed. This gesture is solely because of the importance of Oyo State as the gateway between Lagos, and the Southern and Northern Nigeria.

“The giant stride of the current administration in Oyo State is obvious to all in the areas of physical infrastructure, urban renewal and industrialization. You are a builder and we want to build Oyo State with you.”

Responding, Oyo State Governor, Senator Abiola Ajimobi called on the bank to look closely at the possibility of funding the emerging technological hub in the state, as well as agriculture due to the pivotal roles.

Ajimobi said the state lost its commercial glory over a period of time due to the negligence of the SMIs by successive administrations, adding that his administration was working round the clock to revamp the economy of the state.

He said, “The position of Oyo State in geographical, historical and commercial dominance in the past was overtaken by other states due to the neglect of SMIs. But, since our coming we have been working hard to harness the  potential of the state in order to restore the lost glory.

“The present development in Oyo State was premised on security, social infrastructure and industrialization. We believe in using technology to turn things around. This is why we established the Free Trade Zone, Technical University and other technical corridors.”




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