THE Bank of Industry has said it would intensify efforts to end recession in 2017 by providing funding for viable businesses that would create massive employment and stimulate the economy.
Acting Managing Director of the bank, Mr. Waheed Olagunju said this in an interview with journalists in Offa, Kwara State. Olagunju also assured that the financial institution was still working in line with its five year plan adopted in 2014 which earmarked N310 billon for SMEs explaining that it was still committed to its funding measures and programmes. He explained that within this time frame, economic recession would recede, as indications so far based on the funds disbursed have shown impressive improvements in the expansion of SMES businesses across the length and breadth of the country. Olagunju added that the bank would continue to identify and promote viable and potentially viable enterprises that are into agro- processing, solid minerals, information technology, oil and gas and creative industry. He disclosed that enterprises that can benefit from the loan package of the bank are those that have the price capability of repaying because this is one of the ways to determine potentially viable organizations.