A statement from the Office of Ekiti State Commissioner for Trade and Industries made available to journalists on Sunday stated that the Bank of Industry has expressed its readiness to provide credit facilities to the tune of one billion naira to empower entrepreneurs in Ekiti State.
The statement claimed that BOI Manager (Ondo and Ekiti states), Mr Seyi Ashaolu, made the disclosure in Ado Ekiti, the Ekiti State Capital, during a visit to the Commissioner for Trade, Muyiwa Olumilua.
According to the statement titled, ‘Industrial development: Ekiti entrepreneurs to get BOI’s N1b loan’, BOI was ready to give loans worth N1 billion to individual with excellent enterprise in the areas of “health, hospitality and food production”.
Ashaolu reiterated the bank’s readiness “to collaborate with the Ministry and actualize the vision of Ekiti State Government to raise young entrepreneurs by providing development loans for them”.
He therefore 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 lauded BOI for reviving its partnership with the state government through the Ministry of Trade and Industry and assured him that government will provide the necessary logistics to enable entrepreneurs access the loans.
Olumilua frowned on the default by some previous beneficiaries in repayment of the loans and stated that subsequent loans will be disbursed through cooperative societies so that it will not be difficult for government to recover the funds.