BOI reduces unemployment by 793,428

Bank of Industry says its empowerment funds have so far taken a total of 793, 428 Nigerians off the street as they have been gainfully employed across four key sectors of the economy in the last three years.

These sectors are agro processing, metals and solid minerals, gas/ energy and the creative economy.

The bank has also advised existing and prospective entrepreneurs in the country to learn from the business models of Promasidor Nigeria Limited and Globacom Nigeria, for bankable projects.

Data sourced from the bank showed that

it empowered 3,126 companies in the key sectors with N201 billion that have created the 793, 428 employments.

A breakdown of the figure showed that 1, 949 firms in the agro processing industries created 557,096, while 696 companies in gas and energy sector employed 198,826; 27 firms in the metals and solid minerals sector accounts for 21,708 jobs while 55 companies in the creative industry have also employed 15,798 workforces.

However, at this year’s edition of Lagos International trade fair, the bank urged the business community to learn from the business models of Promasidor and Globacom.

“Whether you are in Large/SMEs, you must have the right business idea before you talk of mobilising fund. And if you are approaching us for loan facility, you must get your proposal right, and you must have something you are offering the market to make your product attractive to customers,” said GM SMEs.”

He used Promsaidor’s cowbell and Loya premium milk satchel including Globacom’s per second billing, as a good business models for SMEs operators to copy.

“While Promasidor was the first dairy company to introduced milk in satchel, selling for N5, N10, N15; and people keep buying; Globacom also came up with per second billing for subscribers on its network and people keep recharging N100, N200,” he explained.

Executive Director, SMEs, Waheed Olagunju, said the bank was at the fair to sensitive both the Large and small businesses about its products offering to the sectors, especially the N5 billion CAP Fund and the Bottom –of-the pyramid scheme for micro borrowers.

Vanguard