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NBTI loans generate N1.5bn in 7 years

18 July 2012, 09:54

Abuja - The National Board for Technology Incubation (NBTI) said on Tuesday that it had generated more than N1.5 billion for the Nigerian economy from 2005 to 2012.

Mr Isa Yusuf, the Acting Director of Commercialisation Department of the board.

He said that the amount was generated from its soft loans and grants to entrepreneurs during the period under review.

Yusuf said the grants and soft loans coordinated by NBTI were invested wisely as a result of which they achieved so much for the economy as well as created job opportunities.

"Most of the grants are from our Presidential Standing Committee on Inventions and Innovations (PSCII) and then some of the soft loans that NBTI coordinated with the Bank of Industry and National Economic Reconstruction Fund (NERFUND).

"But the fund are being utilised to the best of ability and the repayment is encouraging with little problems here and there because of economic problems in the country and the high cost of production really affecting some of the entrepreneurs in their day-to-day businesses.

"I can tell you as at now, the net worth generated is more than N1.5 billion ploughed into the economy. Because of the encouragement and support these entrepreneurs got, the turnover is really encouraging; a lot of people have got employment.

"In fact more than N1.5 billion has been ploughed back to the economy within the range of when the board was established, 2005 to date.’’
He said the agency was making concerted efforts to ensure that products made by the entrepreneurs who benefited from the agency’s funding and training schemes across the country hit the market.

Yusuf said many of the products were already in the market, adding that the agency would ensure that persons interested in distributing and selling any of the products were given the opportunity to get involved.

Some of the products manufactured by the entrepreneurs were on displayed in the agency’s showroom for the benefit of interested consumers.

Some of the products displayed included beads; anti-bacterial hand wash; starch; multipurpose liquid soap; leather shoes; air fresheners; herbal bathing soap; and body cream.

Others are unripe plantain flour; bean flour; soya flour; spices; packaged pure honey; and fruit juice.

Yusuf said the agency would remain committed to the continuous training of entrepreneurs in the country.

``This year, we have mapped out strategies to give a lot of training to entrepreneurs. Of recent, NBTI partnered with the African Incubator Integrated Network funded by World Bank on this training and we intend to train more.

"Our centre management is trying to train the trainer and this training will go down to the entrepreneurs.”



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