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Experts Wants Manufacturers To Address Funding Challenge Through BoI

Business

Experts Wants Manufacturers To Address Funding Challenge Through BoI

Mr Femi Ogunje, former Managing Director, Bank of Industry (BoI), on Thursday urged manufacturers to avail themselves of the bank’s loans to address their funding challenges.
Ogunje gave the advice at the public session of the 47th Annual General Meeting of the Manufacturers Association of Nigeria (MAN), Apapa Branch, in Lagos.

The meeting was tagged: Financing Options for More Competitive Manufacturing Sector; Funding Opportunities in the Bank of Industries.

He said record keeping, collaterisation, management skills and favourable credit history should be presented by manufacturers to ease their access to the loan.

“Access to loan has been identified as one of the major challenges faced by the manufacturing sector.
“To address the issue, successive governments had established intervention institutions called Development Financial Institutions (DFI).

“Comments reaching us revealed that many were discouraged from approaching the bank for financial assistance due to their opinions on the terms and conditions in accessing the loans.
“MAN members should constantly be armed with the mentality that the BoI was primarily set up for them because the association is represented on the board of the bank,” Ogunje said.

He disclosed that the BoI had accredited Business Development Service Providers to assist in packaging the documents to be presented for loan application and advised manufacturers to take advantage of them.
He added that it had also accredited auditors and values to ensure best services at very reasonable cost in partnership with some commercial banks to enable the bank to deliver its services seamlessly.

The Zonal Head, Stanbic IBTC Bank, Mr Emmanuel Aihevba, said poor structure and packaging of financial statements were some of the reasons why some manufacturers and businesses were denied access to loans.
Aihevba, who was represented by Mr Olanrewaju Adepetun of Stanbic IBTC Bank, urged manufacturers to package their loan proposals in such a way that the bank would have no choice but to provide the funding.

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