• Home
  • Privacy Policy
  • Ad Rates
  • Submit News
  • Contact Us
The Eagle Online
  • Home
  • News
  • Sport
  • Politics
  • Column
  • Business
  • Life & Style
    • Crime
    • R&D Health
    • Diet and Fitness
    • Intimacy
  • Entertainment
    • Photos
    • Fashion
    • Movies
    • Music
  • Advert Rates
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Sport
  • Politics
  • Column
  • Business
  • Life & Style
    • Crime
    • R&D Health
    • Diet and Fitness
    • Intimacy
  • Entertainment
    • Photos
    • Fashion
    • Movies
    • Music
  • Advert Rates
  • Contact Us
No Result
View All Result
The Eagle Online
No Result
View All Result

37m Nigerians commercially active but can’t access loans – Official

The Eagle Online by The Eagle Online
January 25, 2019
in Business, Economy
2 min read
0
Bank of Industry assists entrepreneurs in movie industry – Official
Share on FacebookShare on TwitterWhatsApp

RelatedPosts

How to encourage foreign investment in Arik Air – Shareholder

Minister calls on youths to access N75bn intervention fund

BoI wins SME Bank of the Year, Deal of the Year Awards

Toyin Adeniji, Executive Director, Micro Enterprise, Bank of Industry, has said that 37 million Nigerians are commercially active but have never had the opportunity to access loans.
Adeniji made the fact known in Abuja on Friday when she briefed newsmen on Federal Government empowerment programmes under the supervision of BOI.
She said that the commercially active people, who were at the base of the pyramid, included traders, artisans, farmers, petty traders, among others.
She said data from National Bureau of Statistics and Small and Medium Enterprises Development Agency of Nigeria report revealed the situation.
According to her, the group constitutes the highest per cent of the country’s workforce.
She said: “According to the report, Micro, Small and Medium Enterprises employ 84 per cent of labour force, contribute 50 per cent to our Gross Domestic Product and some also contribute seven per cent of our total exports as a country.
“However, despite their contributions to national development, these businesses often do not have access to the capital they need to grow.
“Of all the bank loans given in the last five years in Nigeria, less than one per cent has gone to this segment.
“These are understandably so because these groups, while extremely hardworking, have little or no financial track record.
“They have no collateral and some barely have formal identities.”
Adeniji said that the Federal Government in 2016 introduced Government Enterprise and Empowerment Programme to support and encourage the people to continue with their contributions to economic development.
She said that GEEP was developed for the over 37 million Nigerians at the base of the pyramid.
She said: “GEEP is a microcredit scheme and therefore, the more commercial of the social interventions of the Federal Government.”
According to her, many Nigerians at the base of the pyramid such as  traders, farmers, tricycle riders and artisans, have benefited from GEEP loans.
The director added that the conditions for accessing loans were not as stringent as those of the commercial banks.
She added: “The conditions include possession of a Bank Verification Number and a membership of a certified market association or cooperative society among others.”

Tags: Bank of IndustryMicro EnterpriseToyin Adeniji
Share27Tweet17SendShare7

Related Posts

Arik Air

How to encourage foreign investment in Arik Air – Shareholder

December 15, 2020
Minister calls on youths to access N75bn intervention fund

Minister calls on youths to access N75bn intervention fund

November 23, 2020
BoI wins SME Bank of the Year, Deal of the Year Awards

BoI wins SME Bank of the Year, Deal of the Year Awards

August 28, 2020
Federal Government

FG raises equity in BoI

August 12, 2020
Federal Government

Bank of Industry increases support to MSMEs

July 30, 2020
COVID-19: People being smuggled to circumvent lockdown order — LG Boss

COVID-19: Bank of Industry strategises for hard-hit sectors

July 13, 2020

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.




COVID-19 Update

COVID-19 vaccine: Top journalists list ways to get Nigerians’ buy-in

Church donates food items to needy Muslims for Ramadan

Perez voted in for sixth term as president of Real Madrid

COVID-19: NCDC announces new cases, total now 163,837

HP seizes over 4.5m counterfeit print products, components globally in 2020

Most Read

  • Gunmen kill policeman  accompanying election results in Ogun

    FG warns of planned attacks in six airports

    231 shares
    Share 92 Tweet 58
  • Adeboye, El-Rufai meet days after release of kidnapped RCCG members

    158 shares
    Share 63 Tweet 40
  • Boko Haram recaptures Borno LGA, kills scores

    147 shares
    Share 59 Tweet 37
  • Police reject N500,000 bribe, arrest suspects with stolen construction materials

    140 shares
    Share 56 Tweet 35
  • Insecurity: Victory around the corner — Pastor Adeboye

    129 shares
    Share 52 Tweet 32
  • Police begin search for community chief, 10 others over threat to life

    125 shares
    Share 50 Tweet 31

Ease Slash

Subscribe to Our Newsletter

Check your inbox or spam folder to confirm your subscription.




https://theeagleonline.com.ng/wp-content/uploads/2020/05/VID-20200510-WA0000.mp4

Chat with us now

Most Commented

  • Insurgency: Nigeria takes delivery of six Super Tucanos in July — Presidency

    Dozens of bandits neutralised in air strike in Kaduna

    68 shares
    Share 27 Tweet 17
  • Uzodinma commends Shell’s promotion of community contractors for infrastructure projects

    70 shares
    Share 28 Tweet 18
  • NIRSAL debunks corruption allegation over handling of ABP, threatens litigation

    118 shares
    Share 47 Tweet 30

Latest

Borno constructs 45 mega schools for children orphaned by insurgency

Boko Haram recaptures Borno LGA, kills scores

April 14, 2021
COVID-19: People being smuggled to circumvent lockdown order — LG Boss

COVID-19: FCT, eight States report new cases, zero death

April 14, 2021
Court sentences Abuja man to prison for beating pregnant girlfriend to death

Court jails 11 internet fraudsters in Port Harcourt

April 14, 2021
COVID-19: CBN to fund Nigerian researchers, institutions that develop vaccine

Nigerian actress dies at 39 in Abuja hospital

April 14, 2021
AAC in US passes vote of confidence in Sowore

Activist: Sowore collected grant in my name for #EndSARS but pocketed it

April 14, 2021




  • Home
  • News
  • Sport
  • Politics
  • Column
  • Business
  • Life & Style
  • Entertainment
  • Advert Rates
  • Contact Us

© 2020 Premium Eagle Media Limited.

No Result
View All Result
  • Home
  • News
  • Sport
  • Politics
  • Column
  • Business
  • Life & Style
    • Crime
    • R&D Health
    • Diet and Fitness
    • Intimacy
  • Entertainment
    • Photos
    • Fashion
    • Movies
    • Music
  • Advert Rates
  • Contact Us

© 2020 Premium Eagle Media Limited.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.