BOI Boosts Productive Sector With N22 Billion Funding
The Bank of Industry recently gave its scorecard under its new leadership, announcing that it has injected a total of N21.62 billion into the productive sector, including SMEs, in the period 2005 - 2006.
The funding to the sector was in both loans and equity investments. The trends analysis also showed significant growth in disbursements in 2006 over 2005, an indication that the bank is striving to be more supportive.
Further breakdown of the disbursements showed an 83% allocation to SMEs, while large entities picked the balance. Apart from utilising its own resources, the bank currently manages the National Automotive Council Fund (gross value N8.5 billion) and the National Women Development Fund (N200 million).
While the bank has stressed that its current focus is on stimulating SME development, some analysts view its hefty profit earning - an unprecedented PBT of N1.33 billion - as indicative that the cost of its services, including interest charge, may do with further moderation. This, they argue, is because the primary objective of engineering economic growth may suffer if the bank begins to give undue weight to the profit objective.
All said, the impressive performance in loan disbursements and the bank's expressed commitment to even better results ahead, should warm the hearts of entrepreneurs who have continued to find a big hurdle in accessing funds for their business ventures.
Launch of New Nigerian Satellite System Projected to Stimulate Business Growth for ICT SMEs
Nigeria is set to launch the first communication satellite - the NigComsat 11. This project is expected to provide a major boost to ICT development and prove a catalyst to economic transformation.
This view was equally canvassed by the President Obasanjo, when he recently commissioned the permanent site of NASRDA, the National Space Research and Development Agency. On the expected technological and economic impact of the new satellite system, the president said "the new project would enhance ongoing government's economic reforms, especially in areas of e-learning, e-commerce, tele-medicine, tele-education and rural telephony".
It is expected that the satellite will greatly facilitate the provision of internet services across the country, giving internet access to the wider segment of the citizenry.
| 
