The Bank of Industry (BoI) has paid out a total sum of N127bn in loans to Micro, Small and Medium Enterprises (MSMEs) in Nigeria, an official says.

This was disclosed on Thursday, May 7, 2015, by the Chairman of the BoI Board of Directors, Abdulsamad Rabiu, during the bank’s 55th Annual General Meeting in Abuja.

The disbursements, which were made within the 2014 financial year, also led to the creation of over 500,000 jobs, according to the bank.

Rabiu added that despite the harsh economic climate, the bank was able to achieve loans and advances of N544.3bn in 2014.

“In the year under review, our bank disbursed loans worth about N127bn to enterprises, while over 500,000 jobs were created directly and indirectly through our business activities,” Rabiu said.

“The group achieved loans and advances of N544.3bn.3bn in 2014 compared to N498.2bn in 2013, which represents a growth of nine per cent despite a challenging operating environment,” he added.

Rabiu also noted that the growth in profitability showed that shareholder value was being enhanced owing to its achievement of its developmental mandate.