Prominent bank set to revive failed industries in Nigeria
-The Bank of Industry (BoI) have said that it would provide necessary fund support to revive Taraba state moribund industries
-Managing director of the bank stated this while on a facility tour of some industries in the state
-The BoI in conjunction with the Taraba state government had disbursed N700 million to support micro, small and medium enterprises
The Bank of Industry (BoI), has restated its commitment to provide fund support to Taraba state government to enable it revive some of its moribund industries which have the capacity to stimulate economic activities in the state.
The managing director of the bank, Rasheed Olaoluwa gave the indication in Jalingo during the flag-off of the disbursement of cheques to the beneficiaries of the Taraba State Government (TRSG) BoI N700 million micro, small and medium enterprises (MSME) development fund.
Managing director, Bank of Industry, Rasheed Olaoluwa
Speaking with journalists at the end of the facility tour of some industries in the state, Olaoluwa stated that the development finance institution would help the state to effectively harness some of its agricultural and minerals potentials to stimulate the economic of the state.
He also visited the federal government owned Technology Incubation Centre where he interacted with over 10 entrepreneurs who are adopting local technologies to make things like ceramics, shoes paints and agro-products such honey, butters among others.
He said: “I really didn’t appreciate how much potential Taraba has until I came for this visit. With the interactions I have had with the governor, the engrorenurers and other stakeholders in the last two days, it is clear to me that Taraba is one of the most blessed states in Nigeria.”
“Apart from flagging off the partnership arrangement with the state, we went on a visit to inspect the Taraba Cassava processing plant which is a 2.1 per hour modern facility with the capacity to produce high quality cassava.”
“And there are potential off-takers like Nestle, Nigeria flour mill, Honeywell. All that is required is some slight modification. We have agreed that the company will update with the documentation required to possibly access funding from BoI.”
Olaoluwa also stated that the bank had identified key clusters that represent viable opportunities for small and medium enterprises to do business in the state.
According to him, apart from the N700 million matching fund, of which some beneficiaries were presented with cheques, the BoI had invested over N90.6 million fund in support of genuine businesses in the states in pursuance of its core mandate of boosting economic activities and curtailing unemployment.
He listed some of the beneficiaries to include: Al-Umalau Nig. Ltd, Bombillac Integrated Farms, Tsoro Women MPCS, Mal Kings MPCS, Wainabe MPCS, Master Bakers’ projects under the Cassava Bread Fund and a core of other businesses.
He urged the management of the state owned cassava processing plant to update all the documents relating to the plant with a view to having the opportunity to access funding from the bank.
Speaking at the occasion, the Taraba State governor, Darius Ishaku commended BoI for its commitment to helping the state leverage on its abundant natural resources, which he added, would help to create the needed job opportunities.
He stated,“BoI is helping us in the area SME which is very key to a state like Taraba. This is because, in this state, there is no functional enterprise. Most of the people are engaged in the civil service. There is an urgent need to develop the SME to be able to shore up the financial base of the state away from government dependent to a commercial and viable state.
“There are a lot of potentials in the state. If it is in agriculture area, it is enormous. We have the rice mill, sugar, cassava, beef, coffee that are available to be developed, even timber. With our partnership with the bank of industry, I am convinced that in time, our state would compete among the most economic viable states in the country,” he added.
The post Prominent bank set to revive failed industries in Nigeria appeared first on Nigeria News today & Breaking news | Read on NAIJ.COM.