Boldan Agro Ventures

The Bank of Industry (BoI), disbursed N36.82 billion as loans in its Large Enterprise Directorate between January and September, an official has said. Adetokunbo Akinsola, Head, SME Group of the bank, represented by Obaro Osa, gave the figure during the bank’s SME Forum held at the ongoing Lagos International Trade Fair. “BoI is positioned to deepen finance to small and large enterprises for the expansion of productivity and job creation in the industrial sector. “Under the large enterprise directorate, Food Processing Group and Agro-Processing Group, (BOI) disbursed N13.5 billion and N3.099 billion loans respectively to food and agro-based businesses. “N2.9 billion loan was disbursed by the Solid Mineral Group while Gas and Petrochemical Group disbursed N5.03 billion in the said period,” he said. Mr. Akinsola said that the Gender and Creative Industry Group through its segment based products namely; Fashion Fund and Nollyfund, disbursed N1.8 billion and N665 million. “N10 billion...

Minister of Information and Culture, Alhaji Lai Mohammed, and Chairman, United Bank for Africa and Tony Elumelu Foundation, Mr. Tony Eleumelu, at the signing of MoU in Lagos for easy access to finance facility for the creative industry a few months ago The contribution of the non-oil sector to Nigeria’s economy continues to expand, relative to the oil sector due to a combination of lower oil prices and Nigeria’s low oil production output. Despite the negative GDP growth rate recorded in the second quarter of 2016, the contraction of the economy was less severe due to the relatively diversified non-oil sector, which was buoyed primarily by growth in only seven sectors, one of which was the creative industry sector. The creative sector has become a key component of Nigeria’s drive towards economic diversification and a key contributor to its services’ sector export. Its growth in the last decade has been indeed phenomenal. Nollywood is the second largest movie industry in the world...

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Worried about the continuous depreciation of the value of naira, which has further weakened to N470 to a dollar, coupled with the scarcity of dollar, the President of the Association of Telecommunications Companies of Nigeria (ATCON), Mr. Olusola Teniola has said that unless government introduces short-term palliative measures to address the situation, more businesses are likely going to collapse within a short period of time. Teniola, who raised the alarm while addressing journalists at the weekend in Lagos, on the deplorable state of businesses in the telecoms sector, listed several challenges that telecommunications companies are facing in doing business in Nigeria, while calling on government to expedite action in proffering long-lasting solutions to the issues. According to him, several businesses in the telecoms sector and across other sectors of the Nigerian economy, are shrinking because of the non-availability of dollar to import telecoms equipment, which he said, are u...