The Bank of Industry has secured a seven hundred and fifty million dollars facility from seventeen financial institutions to fund the Micro, Small and Medium Enterprises sector of the economy. The syndicated facility would be given by 17 banks to the BoI to catalyse its funding of MSMEs in Nigeria.
Some of the banks that would provide the fund are Africa Export-Import Bank, the ECOWAS Bank for Investment and Development, and British Arab Commercial Bank Plc, among others.
President Muhammadu Buhari is expected to witness the formal signing of the agreement on Saturday for the disbursement of the facility to BoI.
The Chairman of the BOI Board of Governance, Aliyu Dikko described the facility as a game changer for the bank particularly as it relates to the financing of entrepreneurs in the country.
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