Industrial Development : Ekiti entrepreneurs to get BOI N1 billion loan • As Commissioner frowns at loan defaulters

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The Bank of Industry (BOI) has expressed its readiness to provide
credit facilities to the tune of one billion (N1 billion) naira to
empower entrepreneurs in Ekiti State.
The Bank Manager in Ondo and Ekiti States, Mr Seyi Ashaolu, made this
known in Ado Ekiti during a visit to the State Commissioner for Trade
and Industry, Aare Muyiwa Olumilua.
Ashaolu stated the readiness of the Bank to collaborate with the
Ministry and actualize the vision of the State Government to raise
young entrepreneurs by providing development loans for them.
He added that BOI is ready to give loans worth N1 Billion to
individuals with excellent enterprise that has to do with health,
hospitality and food production.
The Bank’s chief however urged the Commissioner to come up with
modalities for recovering previous unpaid loans that were accessed by
some entrepreneurs in the State.
In his response, the Commissioner for Trade and Industry, Aare
Olumuyiwa Olumilua, commended BOI for renewing its partnership with
the State Government through the Ministry of Trade and Industry,
nothing that government would provide the necessary logistics to
enable entrepreneurs access the loans.
Olumilua who frowned at the inability of previous beneficiaries of the
loans to pay back, stated that subsequent loans would be disbursed
through Cooperative Societies, so that it would be easier for
government to recover the funds.
In a related development, the Director of Enterprise Grooming
Institute (EGI), Mr Ade Ajisefini, expressed the readiness of the
institute to work with the Ministry in collating the database of all
Cooperative Societies and businesses in the State.
He said EGI would provide support in the areas of sensitization,
training of the youths, and revalidation of the Cooperative Societies.

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