Nigeria: COVID-19 - Bank of Industry Lists Key Interventions for Enterprises

The Bank of Industry (BOI) has said it is deepening penetration in agro-processing, food processing, technology, healthcare and pharmaceuticals to stimulate economic recovery and growth.

The bank also stated that it is reviewing its strategic priorities to ensure continuous support for enterprises, especially those hard hit by the COVID-19 pandemic.

The Managing Director, Mr. Kayode Pitan disclosed this at a webinar on overcoming business challenges presented by the COVID-19 pandemic.

He said it was an additional response to the significant changes in the global and local operating landscape.

The banker further recalled that soon after the outbreak of the pandemic, the bank responded with a number of measures to reduce the economic impact on customers, including the reduction of interest on its direct line of credit by 2 percent for one year from April 1, 2020 to March 31, 2021; granted a three-month moratorium on principal repayment to all beneficiaries of the BOI Fund from April1, 2020 to June 31, 2020; with option to extend by up to 12 months for customers with proper justification on case by case basis.

"For loans issued under the Central Bank of Nigeria (CBN) intervention programme and in line with a CBN directive, the bank revised interest rate downwards to 5 percent per annum, with a 3-month moratorium" he said.

The banker disclosed that the lender worked with the Nigerian Content Development Management Board (NCDMB) to reduce interest rates on credit facilities approved under the Nigerian Content Intervention Fund from 8 percent per annum to 6 percent per annum, including extension of the moratorium period, amongst other business-support initiatives.

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