{"id":208384,"date":"2022-08-06T10:56:02","date_gmt":"2022-08-06T09:56:02","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=208384"},"modified":"2022-08-06T10:56:03","modified_gmt":"2022-08-06T09:56:03","slug":"fg-disburses-n1-24tn-to-4-21m-enterprises-report","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/08\/06\/fg-disburses-n1-24tn-to-4-21m-enterprises-report\/","title":{"rendered":"FG disburses N1.24tn to 4.21m enterprises \u2013 Report"},"content":{"rendered":"

The\u00a0Federal Government has disbursed N1.24tn to 4.21 million enterprises through the Bank of Industry in six years, the latest report on disbursements by the bank showed.<\/p>\n

Data in the report indicated that the disbursements, comprising loans and grants, were received by micro, small and medium enterprises as well as large scale businesses between 2015 and 2021.<\/p>\n

In the document, titled, \u201cInstitutional Turnaround for the Next Level,\u201d obtained by our correspondent in Abuja on Friday, the Managing Director, BOI, Olukayode Pitan, explained that a total of N315bn was disbursed to over 4.2 million MSMEs.<\/p>\n

This, he said, created an estimated 4.896 million direct and indirect jobs across the country during the six-year period.<\/p>\n

For large enterprises, the BOI boss stated that the government through the bank disbursed N927.1bn to 1,074 businesses, creating 9.048 million direct and indirect jobs during the period under review.<\/p>\n

He noted that for the Government Enterprise Empowerment Programme and the\u00a0 N-Power Social Investment Programmes, the bank facilitated the disbursement of N68.0bn ($220.6mn) to 2.9 million beneficiaries.<\/p>\n

On the North East Rehabilitation Fund, the report stated that \u201cto date N569.3mn ($1.8mn) has been disbursed to 56,934 beneficiaries.\u201d<\/p>\n

It stated that for the MSME Survival Fund Scheme under Nigerian Economic Sustainability Plan, the bank had facilitated the disbursement for the 7N5bn MSME Survival Fund.<\/p>\n

\u201cTo date, N58.68bn has been disbursed to 881,748 beneficiaries under the scheme,\u201d the report stated.<\/p>\n

For disbursements to businesses under the micro-enterprises category, the report explained that they included formal, informal businesses and co-operatives, including market women, traders and artisans.<\/p>\n

It further said that the aim was to manage the Federal Government\u2019s initiatives to support micro-enterprises, given that they were serviced via technology and telecoms platforms, state offices and microfinance banks.<\/p>\n

It added that \u201cthe segment typically seeks finance of up to N10m.\u201d<\/p>\n

In the small and medium enterprise category, it stated that registered SMEs were identified across key clusters and were serviced through BOI state offices across the country, as the loan values were between N10m- N1bn<\/p>\n

For large enterprises included registered large companies across key sectors of the economy<\/a>, as they were serviced primarily at the BOI head office and got loan amounts of over N1bn.<\/p>\n

\n

The report further stated the bank developed partnerships with state governments, foundations and high net worth Individuals which had led to what it described as \u201cMatching Fund\u201d schemes.<\/p>\n

\u201cMatching Funds is a collaborative funding scheme between BOI and other partner institutions such as state governments, agencies and high net worth individuals on a 50:50 contribution basis. It is designed to provide finance to SMEs,\u201d the banks stated.<\/p>\n

It added, \u201cBOI is in partnership with 25 state governments with a total fund size of over N11bn. Interest rate is between five to 10 per cent per annum. There is a N5bn matching fund partnership between the BOI and Dangote Foundation. Interest rate is five per cent per annum.\u201d<\/p>\n

The Chief Executive Officer, Centre for the Promotion of Private Enterprises, Dr. Muda Yusuf, said it was vital for the government and its agencies to continue supporting businesses across the country.<\/p>\n

This, he said, was because many businesses in Nigeria, for instance, manufacturers, had continued to grapple with the problems of high cost of logistics, access to foreign exchange, access to raw materials and the impact of excise duty on alcoholic or non-alcoholic beverages<\/p>\n

\u201cThis is impacting demand for their products. The high inflationary pressure is also constraining the capital expenditure of many of the manufacturing firms,\u201d Yusuf stated.<\/p>\n

He added, \u201cCapacity to expand is being constrained because of the high inflationary situation. These are some of the challenges that are faced by the manufacturers and many other businesses.\u201d<\/p>\n

Output has declined significantly in many industries<\/a> because of the challenges of accessing raw materials due to the scarcity of foreign exchange. Many players in the economy now resort to the patronage of the parallel market at very prohibitive cost, as very little access exists on the official window.<\/p>\n

The sharp depreciation of the exchange rate and the parallel market which is over 300% has endangered the profitability of investments. The capacity to retain employment and the capacity to create new jobs have been greatly endangered because of the foreign exchange crisis.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The\u00a0Federal Government has disbursed N1.24tn to 4.21 million enterprises through the Bank of Industry in six years, the latest report on disbursements by the bank showed. Data in the report indicated that the disbursements, comprising loans and grants, were received by micro, small and medium enterprises as well as large scale businesses between 2015 and […]<\/p>\n","protected":false},"author":17,"featured_media":208385,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[16587],"tags":[32849,43521,371,32848],"class_list":["post-208384","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-bank-of-industry","tag-enterprises","tag-fg","tag-olukayode-pitan"],"yoast_head":"\nFG disburses N1.24tn to 4.21m enterprises \u2013 Report<\/title>\n<meta name=\"description\" content=\"The\u00a0Federal Government has disbursed N1.24tn to 4.21 million enterprises through the Bank of 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