BOI introduces rehabilitation loan for entrepreneurs in North-East Nigeria

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The North-Eastern part of Nigeria highlighted in the Nigerian map.

The Bank of Industry (BOI), says it has introduced rehabilitation loan for entrepreneurs in the North-East of Nigeria devastated by the Boko Haram insurgency.

Alhaji Aliyu Umar, BOI Manager, North East, disclosed this at the annual customers’ forum on Thursday in Bauchi, Northern Nigeria.

Customers from Adamawa, Bauchi, Borno, Gombe, Plateau, Taraba and Yobe states attended the event.

According to him, the loan is to revive businesses in the sub-region:

“The rehabilitation loan can be accessed using guarantors or collateral, depending on the amount required.

“It is a loan introduced for the North-East to refurbish businesses due to insurgency.”

Responding to customers’ complaints on difficult loans procedures, Umar said the bank’s loan procedures are not different from those of other banks in the country, adding that the idea of providing securities and collateral for loans are part of Central Bank Nigeria’s (CBN) regulations.

“The issue of securities is a national policy, what obtains in the North-East is the same with what obtains in all other geo-political zones with complete requirements,”  he said.

He said the bank is also working on plans to introduce interest-free loans in collaboration with Jaiz bank.

Also speaking, the Permanent Secretary, Government House, Bauchi, Alhaji Adamu Hashimu appreciated BOI for organizing the forum.

Amaka E. Nliam