BANK OF INDUSTRY LIMITED PRESENTATION ON ENHANCEMENT OF AFRICAN WOMEN IN THE COTTON SUB-SECTOR ORGANIZED BY A.C.A SEMINAR WORKSHOP IN ACCRA (GHANA) SEPTEMBER 28, 2016

ABOUT BANK OF INDUSTRY The Bank of Industry Limited (BOI) is Nigeria’s oldest, largest and most successful development financing institution in Nigeria. It was reconstructed in 2001 out of the merger of the mandates of the Nigerian Industrial Development Bank (NIDB) Limited and Nigerian Bank for Commerce and Industry (NBCI). Although the bank’s authorized share capital was initially set at N50 billion in the wake of NIDB’s reconstruction into BOI in 2001, it was increased to N250 billion in 2007 in order to put the bank in a better position to address the nation’s rising economic profile in line with its mandate.

VISION What drives Bank of Industry? To be Africa’s leading developmental financial institution operating under global best practices.

MISSION To transform Nigeria’s industrial sector by providing financial and business support services to enterprises.

MANDATE To provide medium to long-term financial assistance for the establishment of large, medium and small projects; as well as expansion, diversification and modernization of existing enterprises; and rehabilitation of ailing industries.

BACKGROUND Rural Nigeria is very vital in terms of what it can contribute to the socio-economic development of the nation. Rural areas in Nigeria are characterized by near absence of basic infrastructure leading to increased rural-urban migration. Approximately 50% of Nigerians live in rural areas. Their contribution to the economy is important as many of them are farmers.

GENDER DESK In 2006 the Bank and Federal Ministry of Women Affairs and Social Development executed an MOU to finance women owned businesses through the Business Development Fund for Women (BUDFOW). The Ministry provided the seed capital of N90 Million in March 2007. As at end of August 2016, the Bank has supported over 123 women-owned small and growing businesses. The partnership between the Bank and the Federal Ministry of Women and Social Development has financed 51 MSME projects.

GENDER DESK Coordination of capacity building programs for female entrepreneurs. Promoting collaborative efforts between the Bank and commercial banks/individuals who are gender-friendly. Seeking funding schemes that ease access to finance for female entrepreneurs.

PRODUCTS ON-GOING FGN N100.00bn-Cotton, Textiles and Garment Revival Fund. - Initially the Interest rate @ 6% per annum and reviewed downwards to 4% - Tenor of more than 5 years - For re-tooling and new acquisitions. Cottage Agro Processing Fund (CAP). BUDFOW –Business Development Fund for Women National Program Food Security Fund Fashion Fund. State Matching Fund Nolly Fund. Dangote Fund Cassava Bread Fund Youth Entrepreneurial Scheme (YES) Graduate Entrepreneurial Fund(GEF)

PARTNERSHIPS BOI supports female entrepreneurs by networking with stakeholders to increase their access to credit facilities for business ventures. Presently, the Bank has established relationships with some SME-friendly commercial banks to provide working capital to entrepreneurs who access long term credit from it.

REQUIREMENT FOR PROCESSING AN APPLICATION. Formal Letter of Application. Photocopy of Certificate of Incorporation. Photocopies of the Certified True Copy of Forms CO2 and CO7. Photocopy of the Certified True Copy of Memorandum and Articles of Association of the Company. Feasibility Study Report. Photocopy of Title Documents to project site (statutory Certificate of Occupancy) Photocopy of Title Documents to the Collateral Security (this must be a landed property in an urban center).

REQUIREMENT FOR PROCESSING AN APPLICATION. Approved Site/Building Plan. Bill of Quantities or Contractor’s Estimate of cost to be incurred on Factory Building (if available). Valuation Reports on Factory Building (for expansion projects) and Collateral Property. Proforma Invoices for items of plant and machinery from at least 3 different sources. At least 2 quotations for items of raw material and Letters of Intent to supply. Three (3) years most recent Audited Accounts of existing company. Declaration of total outstanding liabilities of the company.

KEY CHALLENGES IN COTTON SUB-SECTOR Lack of good quality and improved seeds for planting. Low Pricing by the Off- takers. 3. Contamination : Putting cotton harvested in polypropylene bags contaminates it by chemical reaction. Low Market due to influx of foreign textiles materials. Competition: Competition from close substitutes like polyester, nylon, e.t.c . Ineffective pesticides Lack of fertilization Lack of storage facilities 9. Lack of access to land 10. Weather

ACCESSING BOI’S SUPPORT AND LOAN FACILITIES BOI’s support and loan facilities can be accessed through the following channels: Any of our offices Nationwide BOI approved Business Development Service Providers (BDSPs) Online loan application at www. Boi.ng/apply 1414

THANK YOU