‘BOI disbursed over N210.7bn to 418,436 companies in 2022’

The Bank of Industry (BOI) has revealed that it disbursed the sum of N210.7 billion to 418,436 beneficiaries in 2022.

BOI stated that the disbursement resulted in the creation of an estimated 1,255,974 direct and indirect jobs. “This is a 32.1 per cent uptick from the 950,640 direct and indirect jobs created in 2021 through the Bank’s interventions.

“This includes the disbursement of N2.51 billion to 932 beneficiaries in the pilot states of Kano, Gombe and Edo, under the $14.27 million BRAVE (Business Resilience Assistance for Value-adding Enterprise) Women Nigeria programme, on behalf of the Islamic Development Bank Group (IsDB); and the disbursement of grants of N2.2 billion to 14,046 beneficiaries, bringing the total amount disbursed up to N2.54 billion, on behalf of the fund owners to 15,864 beneficiaries across 15 states.”

Speaking in Abuja at the 63rd annual general meeting, the Chairman, Board of Directors, BOI, Mallam Aliyu Dijko said Nigeria’s oldest, largest and most successful development finance institution recorded an increase in its asset base from N1.71 trillion to N2.38 trillion in the 2022 business year.

This is in addition to an increase in profit before tax, which grew by 15.6 per cent to N70.66 billion in 2022, from N61.15 billion in 2021. The bank also declared a dividend payment of N7.82 billion to its shareholders.

Dikko explained that the growth in the Bank’s assets was made possible by the conclusion of three successful capital-raising transactions in the year, in which the Bank raised over $2 billion, despite the global economic headwinds.

Also speaking during the Annual General Meeting, BOI’s Managing Director/CEO, Mr Olukayode Pitan, emphasized that the performance and results of the Bank have been instrumental in attracting both local and foreign capital, which have enabled BOI to fulfil its mandated obligations effectively.

By surpassing obstacles posed by the challenging economic conditions, BOI has demonstrated its ability to thrive and deliver positive outcomes. The Bank’s consistent upward trajectory is a reflection of its commitment to providing financial support and fostering growth in various sectors, even in the face of formidable economic headwinds.

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