As a part of measures to promote Made-in-Nigeria goods that would meet international standards, the Bank of Industry (BOI) has provided a total of N400 million to local manufacturers.
The funds, which would be made available quarterly to over 300 members of the Leather Products Manufacturers Association of Abia State (LEPMAAS), are expected to be disbursed through the Fidelity Bank Plc, while the Ford Foundation would be providing other technical support.
Speaking at the formal launch of the Aba Finished Goods Cluster Financing programme in Aba, Abia state, the Managing Director of the BOI, Olukayode Pitan, said the programme was designed to provide financial aid to qualified members of the LEPMAAS.
“It was this significant opportunity to substitute import volumes by supporting quality improvement of Made in Aba products, create additional jobs and improve the qualities of lives of the Artisans that led the Bank of Industry to design this tailored programme.
“By providing low interest, non-collaterised loans, the Bank has provided flexibility for qualified members of LEPMAAS recommended by their lines and zonal chairman to access up to N300,000 towards the procurement of materials to expand and improve their production activities,” he said.
In June, in a bid to address inadequate access to credit facilities facing fashion entrepreneurs in the country, the BOI had issued N1 billion fashion fund to support entrepreneurs producing and marketing fashion items such as clothes, handbags, shoes, jewelry/accessories etc.