The Bank of Industry has expressed the bank’s readiness to provide credit facilities to the tune of one billion naira to empower entrepreneurs in Ekiti State.
BOI Manager (Ondo and Ekiti states), Mr Seyi Ashaolu, said the bank was ready to give loans worth N1 billion to individuals with excellent enterprise, noting that the bank was interested in the areas of “health, hospitality and food production”.
A statement from the Office of Ekiti State Commissioner for Trade and Industries made available to journalists on Sunday stated that the BOI manager made the disclosure in Ado Ekiti, the Ekiti State capital, during a visit to the Commissioner for Trade, Muyiwa Olumilua.
According to the statement titled, ‘Industrial development: Ekiti entrepreneurs to get BOI’s N1b loan’, Ashaolu reiterated the bank’s readiness “to collaborate with the Ministry and actualize the vision of Ekiti State Government to raise young entrepreneurs by providing development loans for them”.
He, however, urged the commissioner “to come up with modalities for recovering previous unpaid loans that were accessed by some entrepreneurs in the state”.
The commissioner, Olumilua, who lauded BOI for reviving its partnership with the state government through the Ministry of Trade and Industry, assured, “Government will provide the necessary logistics to enable entrepreneurs access the loans”.
He frowned on the default by some previous beneficiaries in repayment of the loans, saying, “Subsequent loans will be disbursed through cooperative societies so that it will be easier for government to recover the funds.