BOI-managed funds hit N1.6trn

Managing Director of the Bank of Industry, Evelyn Oputu, has said that the intervention fund being managed by the bank is more than N1.6 trillion.

Oputu said this in Lagos while fielding questions from newsmen at a media training programme, with the theme, “Enhancing the role of the media in the transformation of Nigerian industrial sector”.

The BoI boss noted that due to the confidence reposed in the management of the bank by the government as well as local and international development partners, its managed funds had increased considerably.

She gave a breakdown of the funds as follows: Central Bank of Nigeria’s N235 billion financing fund for commercial banks; N100 billion Cotton, Textile and Garment Fund’ N10 billion Rice Sector Fund; and N16.91 billion National Automotive Council Fund.

Others are $4 million UNIDO Energy programme; $500 million AFDB fund; N500 billion Power/Aviation Fund; N5 billion Dangote Fund; N9.5 billion cement fund; as well as N90 million Women Affairs Fund.

The Managing Director assured the business community of access to funds.
According to her, “You don’t need insider connection. Rather, the entrepreneur should have a well-packaged bankable proposal before seeking funding support from the bank.