Boi and The Kaduna state govt. boosts agro sector with N1bn #nigeria

The Kaduna State Government and the Bank of Industry
have signed an agreement to raise N1billion Entrepreneurial
Development Fund to boost the operation of small scale
businesses in the state.
This is even as the development bank put the total loan
portfolio to Small and Medium Enterprises in Kaduna state
till date at N23.6billion.
Based on the term of the agreement, the Kaduna State
Government raised the sum of N500million, while BOI
matched it up with another N500million, totaling N1bn.
The fund, which will be given out as soft loans, is aimed at
empowering small businesses in the state to, among other
things, enable them process the abundant agricultural
products that abound in the state, thereby arresting the
colossal post-harvest losses occasioned by lack of crop
preservation capacity.
Speaking during the signing of the MoU, the Managing
Director, Bank of Industry, Mr. Rasheed Olaoluwa, stated
that the pool of funds which would be given out as loans to
SMEs operators would help to boost commercial activities
in the state.
Apart from helping to empower the people of Kaduna State,
the MD also noted that the injection of the fund would have
multiplier effect on the people of the state while
complementing the poverty reduction programme of the
present administration.
He said: "This epoch-making occasion marks an important
milestone in the annals of the socio-economic development
of Kaduna State. The synergistic relationship that has
evolved between your State and the Bank of Industry will
provide the platform for the rapid financial inclusion of
Kaduna State's Bottom of the Pyramid and thereby
accelerate the economic growth of the State.
"It is gratifying to note that towards actualising the vision
for the economic transformation of Kaduna State, the
Executive Governor, Dr. Mukhtar Yero approved a
contribution of N500.00 million which has been matched in
like sum by the Bank of Industry, towards the establishment
of a N1.0 billion Entrepreneurial Development Fund.
"This pool of funds will be provided as loans to
entrepreneurs in Kaduna State. By this gesture, Kaduna
State has joined the league of dynamic states in other parts
of the country that are currently collaborating with the Bank
of Industry in entrepreneurial development under the States'
Matching Fund Scheme.
Apart from the N1bn loan deal, Olaoluwa said the bank had
given out N23.6bn soft loan in support of small businesses
in Kaduna State. He expressed the commitment of the bank
to continue to help small businesses not only in the state,
but also across the 36 states in the country, including the
Federal Capital Territory, adding that that was the surest
way Nigeria could consolidate its status as the economy
hub of Africa
In his speech, the governor explained that he entered into
the deal with the BOI in order to revatilise some of the
moribund industries in the state, lamenting that some
commercial banks were not interested in small businesses.
According to him, the loan deal will enable small and
medium business operators in the state harness the
agricultural and other mineral resources in the state for
rapid Industrilisation.
Explaining the present direction of his administration, Yaro
stated that unlike the previous administrations that
earmarked some failed industries for privatization, the new
plan was to partner with the people who would revive them.
While thanking the management and staff of the bank for
making the deal see the light of the day, the governor
assured his continued readiness to open the state up to
rapid industrilisation through the development of SMEs.