N15bn agro credit unaccessed, says BOI.


The Bank of Industry (BoI) on Thursday said N15 billion support credit for agro businesses is still lying intact in its vault and unaccessed by the people that is meant for.

The credit which is a lending target for 2015 will expire this year and agro business owners would lose the opportunity to draw from the fund if not accessed before end of this year.

Waheed Olagunju, Executive Director, BoI during the Animal Feed Workshop in Lagos said the bank was ready to support such business owners on a sustainable basis so that the N15billion lending target, lying fallow, could be put to good use.

“Funding is available to agro businesses especially those in the animal feed milling sector.

“We have the N15billion lending target for the year, but people are not coming up to access it.

“Animal feed is one of the clusters we are focusing under value chain development and we are ready to work with the agro businesses.

“The bank is ready to work with our development partners like the United States Agency for International Development (USAID) ’’, the executive director said.

According to him, BOI is proactive and responsive to the needs of the agro business sector.

“The bank’s interest rate is 10 per cent on the average while we have single digit interest rates in some cases’’, he said.

He also said that the bank would open more offices for consultations across the country.

“We have opened mores offices, from seven, now increased to 15 office outlets across the country for easy access of our services

“We are also planning to increase our consultants to 300 before the end of the year’’, he stated.

Olagunju said that the BOI had also improved its loan processing period from minimum of six weeks to 48 hours.

He urged borrowers to be ICT-inclined to fast track the processing periods of their loans.

Olagunju added that they could process their loans online, using the Small and Medium Enterprises (SME) customer portal.

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