The Bank of Industry (BOI) is gradually reviewing its strategies to ensure that those business enterprises that were hard-hit by the coronavirus lockdown are being supported. Accordingly, the BOI is targeting those in agro-processing, food processing, technology, healthcare, and pharmaceuticals to stimulate economic recovery and growth. During a virtual seminar presentation by, Kayode Pitan, the Managing Director of the bank on “overcoming business challenges presented by the pandemic”, said the move was an additional response to the significant changes in the global and local operating landscape.
Pitan said, soon after the outbreak of the pandemic, the bank responded with a number of stimulants that would cushion the economic impact on customers. He revealed, among such measures was the reduction of interest rate on its direct line of credit by two percent for one year with effect from April 1, 2020, to March 31st, 2021.
The Managing Director also added that a three-month moratorium on principal repayment to all beneficiaries of the BOI fund from April 1, 2020, to June 31, 2020, with an option to extend by another one year for customers with genuine justification on a case by case basis.