The Bank of Industry, BoI, has commenced making funds available to leather manufacturers in Aba to improve their quality and productivity. This was the outcome of the Memorandum of Understanding signed between BoI-Investment and Trust Company, BoI-ITC, a subsidiary of the BoI, and DAI- Market Development in the Niger Delta to drive leather production in Nigeria.
In a statement, the Managing Director of BoI-ITC, Mrs Betsy Obaseki, said that the bank is granting artisans in finished leather goods at the cluster, access to five hundred thousand naira working capital loan and ten million naira for purchasing of equipment.
Obaseki added that the cluster has the capacity to take Nigeria to a higher level of enterprise in terms of finished leather goods.
The president, Leather Products Manufacturers Association of Abia State, Mazi Okechukwu Williams, noted that with access to funds, the finished leather products in Nigeria will be greatly impacted positively.