COVID-19: Bank of Industry plans for hard-hit businesses

Monday, July 13,2020

The Bank of Industry (BOI) is reviewing strategies to ensure continuous support for enterprises, especially those hard hit by the COVID-19 pandemic.

Specifically, it is deepening penetration in agro-processing, food processing, technology, healthcare and pharmaceuticals to stimulate economic recovery and growth.

The bank’s managing director, Mr. Kayode Pitan, who disclosed this at a webinar on overcoming business challenges presented by the COVID-19 pandemic, said it is an additional response to the significant changes in the global and local operating landscape.

Soon after the outbreak of the pandemic, the bank responded with a number of measures to reduce the economic impact on customers, including reducing  interest on its direct line of credit by 2per cent for one year from April1, 2020 to March 31,2021; granting 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 reviewed interest rate downwards to 5per cent per annum, with a 3-month moratorium. Also thee bank worked with the Nigerian Content Development Management Board (NCDMB) to reduce interest rates on credit facilities approved under the Nigerian Content Intervention Fund from 8per cent per annum to 6 per cent per annum, including extension of the moratorium period.

More directly, BoI made financial contributions to the relief efforts of governments and the organised private sector.

 

 

 

 

 

 

 

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