The Bank of Industry (BoI) said it had disbursed about N107 billion to over 1.5 million small and medium-scale enterprises (SMEs), a figure it originally hoped to cover this year.
The bank is looking at hitting N120 billion before the end of the year even as it has reduced its non-performing loan (NPL) from over two per cent to about 1.8 per cent year-to-date (YTD).
This was disclosed during an interaction with business editors last week as part of its activities marking its 65 years of supporting the country’s economy, especially the industrial sector.
The number is a significant improvement on its N103 billion SME loan target for the year, the executives told the media. Last year, they disclosed, the bank similarly expanded the SME portfolio by N64 billion, with a total of 1.25 million SMEs benefiting. The actual disbursed in the previous year was close to 20 per cent above its target (N54…
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