This is to inform the general public that the federal government of Nigeria has set BOI/CBN Intervention Fund to fast-track the development of the manufacturing sector.
Please before you can be considered you need to first meet all BOI/CBN Intervention Fund requirements.
About Bank of Industry Limited (BOI)
The Bank of Industry Limited (BOI) is Nigeria’s oldest, largest, and most successful development financing institution. It was reconstructed in 2001 out of the Nigerian Industrial Development Bank (NIDB) Limited, which was incorporated in 1964. The bank took off in 1964 with an authorized share capital of 2 million (GBP).
The International Finance Corporation which produced its pioneer Chief Executive held 75% of its equity along with a number of domestic and foreign private investors. Although the bank’s authorized share capital was initially set at N50 billion in the wake of NIDB’s reconstruction into BOI in 2001, it has been increased to 250 billion in order to put the bank in a better position to address the nation’s rising economic profile in line with its mandate.
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N235 BILLION CBN INTERVENTION FUND FOR MANUFACTURING RE-FINANCING AND RESTRUCTURING FACILITIES OF BANKS’ LOANS.
These Guidelines relate to the N235 billion intervention fund for re-financing and restructuring of banks’ loans to the manufacturing sector (The Fund).
The objectives of the Fund are to:
- Fast-track the development of the manufacturing sector of the Nigerian economy by improving access to credit to manufacturers.
- Improve the financial position of the Deposit Money Banks (DMBs).
- Increase output, generate employment, diversify the revenue base, increase foreign exchange earnings and provide inputs for the industrial sector on a sustainable basis.
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N300 BILLION CBN POWER AND AIRLINE INTERVENTION FUND (PAIF)
The objectives of the Fund are to:
- Fast-track the development of electric power projects, especially in the identified industrial clusters in the country;
- Fast-track the development of the aviation sector of the Nigerian economy by improving the terms of credit to Airlines;
- Improve power supply, generate employment, and enhance the living standard of the citizens through consistent power supply;
- Provide leverage for additional private sector investments in the power and aviation sectors.
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