By Nelson Utip
The Bank of Industry Limited (BoI) has increased it’s branches with an office in Akwa Ibom state as it moves to deepen its presence across the country so as to foster economic growth, financial inclusion, and entrepreneurship development in the country.
The Managing Director of the bank, Olasupo Olusi at the opening of it’s 32nd branch in Uyo The Akwa Ibom state capital expressed the enthusiasm that the bank will endeavour to support businesses that will grow the economy of Nigeria, the branch located at Dakkada Plaza , a commercial hub in the city will give the financial institution an opportunity to impact positively across the business landscape of the state according to the MD.
According to Olusi the bank had already been supporting businesses in the state, with loans amounting to over N1.92billion to Micro, Small, and Medium Enterprises (MSMEs) projects located in the state, expressing enthusiasm that the bank’s presence in Akwa Ibom, would be a boost to Governor Umo Eno’s economic blueprint goals aimed at transforming the socio-economic landscape through sustainable growth, job creation, and developmental impact.
Olusi further said that the Bank is looking forward to the successful implementation of a dedicated matching fund partnership with the government to support indigenous enterprises and unlock the entrepreneurial capacity of youths in Akwa Ibom State.
“Looking ahead, we look forward to the successful implementation of a dedicated matching fund partnership with the state government to support indigenous enterprises and unlock the entrepreneurial capacity of youth in this great state.
“Furthermore, we appeal to the state government to urgently address some of the challenges relating to the issuance and registration of collateral titles towards improving the ease of doing business for enterprises within the state,” Olusi said.
“The state office will offer a range of financial products and services tailored to meet the unique needs of the local community, including funding support for businesses, capacity building initiatives, and financial literacy programs aimed at empowering entrepreneurs,” he said.
Akwa Ibom state Governor, Pastor Umo Eno while Inaugurating the BOI branch office described the occasion is remarkable lending credence to his resolve to fulfill his campaign promise of supporting Small and Medium Scale Enterprises, SMEs, as a sure economic booster. Expressing delight on the presence of BOI in his state said that establishment of the bank was a bold move towards realising the lofty goals of the second and fourth aspirations of the ARISE Agenda which include job creation, economic prosperity and promotion of the spirit of industry and entrepreneurship as well as sustainable economic growth among Akwa Ibom people.
The governor said that the reception accorded the bank at the State Executive Council Chamber and accommodating it at the treasured Dakkada Tower in the heart of the state capital, were proofs of the premium his administration places on entrepreneurship development, lauding the Bank of Industry’s disposition as a premium bank dedicated to the task of transforming Nigeria’s industrial sector, support SMEs and large enterprises with low interest and long term loans.
Governor Eno recognizes SMEs as the engines of economic and sustainable growth all over the world seeing the single digit interest loans of BOI as the catalyst for growth and development across the nation.
“As a business man, one of the greatest challenges we have on our balance sheets is interest on loans which sometimes overrides everything you’re doing and we struggle so hard.
“So having gone through that path, I knew that one of the best things we could do to encourage enterprises in our state and support our young people would be to partner with them and make sure they have source of good funding,” he said.
Eno, who expressed delight over the advent of BoI in the state, said that establishment of the bank was a bold move towards realising the lofty goals of the second and fourth aspirations of the ARISE Agenda which include job creation, economic prosperity and promotion of the spirit of industry and entrepreneurship as well as sustainable economic growth among Akwa Ibom people.
“As a business man, one of the greatest challenges we have on our balance sheets is interest on loans which sometimes overrides everything you’re doing and we struggle so hard,”the governor said.
