Bank Spends N147.1bn On N’Delta SMEs

The Managing Director of Diamond Bank, Mr Alex Otti, says the bank has spent N147.12 billion on Small and Medium Scale Enterprises and infrastructural development in the Niger Delta area.

Otti disclosed this on Friday during a discussion on “Unlocking Investment Funds for SMEs Development/Targeting Private Equity for Development’’ at the South-South Economic Summit in Asaba.

He said that the bank had spent N64 billion in supporting the development of micro and medium businesses in the area.

Besides, Otti said that the bank received 20 million U.S. dollars (about N3 billion) from its international associates, which was used as credit facilities to small-scale enterprises in the area.

He also said that N80 billion was given to states pursuing Independent Power Plant (IPP) projects, adding, however, that two of such projects were located in Lagos State, while one was in Akwa Ibom.

“We have also given credit facilities to 50,000 shoemakers in Aba,’’ Otti said, pledging that the bank would continue to support the growth of small and medium scale enterprises. In her contribution,  Managing Director of Bank of Industry, Ms Evelyn Oputu, said that the bank had encouraged the development of many businesses in the area.

She said that the bank was collaborating with states in the South-South geopolitical zone to fast-track the region’s industrialisation, adding that emphasis was placed on the provision of infrastructure so as to engender investments in the area.

Oputu urged the states in the region to strive to cultivate the goodwill and trust of potential investors, pledging the bank’s readiness to finance ventures and encourage manufacturers.