Finance

BoI disbursed N213.63bn to over 30,000 enterprises in 2021

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The Bank of Industry (BoI), has disclosed that it disbursed a total of N213.63 billion to 30,406 Nigerian enterprises in 2021. 

Mr Olukayode Pitan, Managing Director of BOI made the disclosure at the 62nd Annual General Meeting (AGM) of the bank 

He said that the bank was able to successfully scale up its developmental impacts in the year under review compared to previous years, in spite of COVID-19. 

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He stated that, at the peak of COVID-19 in 2020, the bank took steps to support customers with two per cent reduction in interest rates for a year alongside an extension of loan tenors and moratoriums. 

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He said, “The operating environment improved in 2021 and the bank decided to extend these incentives by another year until March 31, 2022. 

“Additionally, all ongoing projects were reviewed to assess emerging risks and opportunities and also additional support was provided. 

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“In the year under review, the bank disbursed a total of N213.63 billion to 30,406 Nigerian enterprises through both direct and indirect methods. 

“This represents a 47.3 per cent increase over disbursements in 2020.” 

Independent

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