The Bank of Industry has promised its clients in the Micro, Small, and Medium Enterprises sector of the economy that there will be additional funding available to help them expand their companies.
During the customer engagement forum for the 2022 SME directorate in Abuja, Mr. Olukayode Pitan, the bank’s managing director and chief executive officer, provided the guarantee.
The Bank of Industry organized the forum, which had as its theme “Strategic measures for SMEs survival and growth in today’s dynamic and demanding macro-economic climate,” according to a release.
Given the crucial role SMEs play as the heart of the global economy, he said the theme was appropriate.
The head of BOI informed attendees of the seminar that the bank would continue to support firms with credit that had an interest rate of no more than 10%, despite the high interest rate regime in Nigeria that was fueled by inflationary pressure.
He stated that the bank was still dedicated to assisting its clients with their finance needs and assured them of ongoing assistance following the successful execution of the €1 billion guaranteed facility.
He said that the facility will be used to use transactions at reasonable naira interest rates to supply the much-needed medium to long-term Nigerian MSMEs and major corporations.
According to him, “This year’s customer forum is unique coming on the heels of the international customer service week which celebrates the importance of customer service and the people who serve and support customers on a daily basis.
“The bank places high premium on its customers and stakeholders, hence it created this platform where it interacts, share experience, and obtain feedback for the development of better products and services.
“The theme for this year’s event strategic initiatives for SMEs survival and growth in today’s dynamic and challenging macro-economic environment is apt considering the pivotal role SMEs play as the engine room of the global economy.
“BOI as the largest and most successful DFI in Nigeria has continued to support SMES to generate considerable multiplier effects such as job creation, and poverty reduction both of which enhances Nigeria’s social and economic condition.”