Wednesday, April 23, 2014

Bank of Industry asks SMEs to be innovative

Published:

The Bank of Industry, BOI, has advised Small and Medium-Scale Entrepreneurs, SMEs, to engage in projects that would attract loans to fast track economic development.

The Managing Director of the Bank, Evelyn Oputu, said on Friday in Lagos that such innovative projects could easily attract finance.

She said that the bank has disbursed only N65 billion of the N100 billion earmarked for SMEs.

She said the fund is meant to enable SMEs contribute their quota to the nation’s development.

The BOI boss encouraged entrepreneurs to evolve good ideas and innovations that could lead to the expansion of the facility as well as create jobs.

She said such a development will enhance inclusive economic growth.

Ms. Oputu said that the Federal Government was committed to providing the enabling environment for businesses to thrive.

She identified the problem militating against the SMEs as poor packaging of proposals, poor book-keeping and the lack of saving culture, among others.

“In spite of these challenges, BOI is partnering with various skill development centres to enable SMEs operators to improve their businesses,” she said.

According to Ms. Oputu, SMEs empowerment has globally become the main economic growth strategy, considering their high employment generation capacities.

She said that Nigeria, with 17 million SMEs, was capable of generating employment.

“If a quarter of these SMEs are empowered, and they create one job each, more than four million jobs will be created,” she said.

NAN

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