Industry & Money

75,809 Beneficiaries Got ₦496.72b Loans in 2023 –BOI

No fewer than 75,809 beneficiaries received credit funding worth N496.72bn from the Bank of Industry in 2023.

The loans were disbursed to beneficiaries which include large, medium, small and micro enterprises, creating approximately 2,198,953 direct and indirect jobs across the country.

The Chairman of the shareholders committee of the bank, Muhammed Bala, revealed the figure at the 64th Annual General Meeting, held on Wednesday in Abuja.

This was as the bank announced a profit before tax of N153.81bn for 2023, marking a 117.69 per cent increase from the previous year’s N70.7bn representing the highest in the history of the bank.

He said the bank’s total assets surged by 64.6 per cent, rising from N2.37tn to N3.91n. It said this was indicative of BOI’s strengthened financial foundation and expanded capacity to support Nigeria’s industrial sector. The committee chairman added that BOI’s total equity experienced a substantial boost, growing by 57.7 per cent from N427bn to N678bn while loans and advances witnessed a remarkable increase of 41.5 per cent, growing from N803.6bn to N1.14tn.

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