The Nigerian Bank of Industry (BoI) is looking to borrow about N1trillion ($3.1billion) from local and foreign development partners to improve its capital base.

Speaking while inspecting some of the projects supported by the bank in Edo State, the Managing Director of BoI, Olukayode Pitan, explained that by increasing its capital base BoI would be able to meet the demand of investors in different parts of the country. “Edo State is one of the states where we have existing relationship on SMEs development. To enable the bank to extend its loan reach to the teeming customers across the nation, plans are under way to raise between N500 billion to N1 trillion from both local and foreign development partners,” he said.

Speaking in the same vein, the Governor of Edo state, Godwin Obaseki, urged the bank to extend loans to large business operators as this would impact the production activities of small entrepreneurs positively.

Anita Fatunji