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From Walter Ukaegbu, Abuja
The Bank of Industry has pledged to continue to deliver tangible benefits to Micro, Small, and Medium Enterprises through the implementation of the Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) programme.
The Executive Director, Micro Enterprises Department, BOI, Mabel Ndagi, said this at the bank’s NG-CARES Stakeholders Engagement Workshop for States and Partners.
The NG-CARES initiative was created three years ago to expand access to livelihood support and food security services and provide grants for poor and vulnerable households and firms.
So far, about 28 states are currently in partnership with the Bank of Industry for the implementation of the initiative.
Speaking at the workshop, which was attended by representatives from the participating states, Ndaji said that the programme has been very successful.
She said the workshop will help to strengthen the relationship between BOI and partner states, noting that the bank remains committed to providing technical support through leveraging the right technology.
She said, “This partnership has been fruitful because it has delivered tangible benefits to Micro-Small and Medium Enterprises under this programme.
“At the Bank of Industry, we stand by our commitment to continue to provide operational and technical support for the delivery of this programme in all partner states.
“We will leverage our operational expertise and cutting-edge technology, which we have to support each state from the point of beneficiary registration till funds are disbursed to all of them. Our custom-built technology allows qualified MSMEs to be registered and verified with interactive data dashboards, giving you real-time details of every MSME registration in your state.
“This platform profiles the status of every qualified beneficiary from registration until the actual Disbursement of funds. This workshop, along with several other stakeholder initiatives, is in fulfilment of our capacity-building commitment made by BOI to our partner states.
Also speaking at the event, the BOI Managing Director, Dr. Olasupo Olusi stated that the bank is fully committed to ensuring that the programme continues to impact the Nigerian economy.
Olusi, who was represented by the Executive Director, Small and Medium Enterprises, Bank of Industry, Mr Omar Shekarau, said over 41,000 beneficiaries have been impacted with the initiative.
He said that as the implementation of the programme moves to its second phase, the bank remains committed to giving critical partners the best and ensuring that Nigerians benefit from its intervention programmes.
He said, “We believe in the growth of MSME, reduce poverty, and boost economic growth in the country.
“We want you to take advantage of BOI state offices across the country so that we can continue to partner. We have 32 offices nationwide. Before the end of the second quarter of 2024, we will be in all states of the federation. We want you to take advantage of the activities we do and engage us.
“We will continue to partner, help entrepreneurs, and our country. If Nigeria is developed, West Africa and Africa will be developed. Let us work together to ensure that.
“You may have been experiencing gaps in implementation. Use this event to ensure that the gaps are closed. Take advantage of the workshop and earn knowledge.”
The Chairman, Federal CARES Technical Committee, Aso Vakporaye, said the programme has been instrumental in reducing the level of poverty in the country.
He said, “We must end poverty in Nigeria. If we don’t do this, insecurity will continue to be on the rise. We need to roll crime and poverty away from Nigeria.
When we started this journey, it’s like nothing would happen. It was not easy.
“We have done about four years now, and we have done well. Soon, other African countries will start emulating us. With what BOI has put in place through this programme, the level of poverty will reduce drastically in the next five years.”
