National economy to ‘slowly’ recover from COVID-19, says BOI | The Guardian Nigeria News


The Bank of Industry (BOI) has predicted that the economy would ‘slowly’ recover from the adverse impact of the COVID-19 pandemic.

“The economy will recover and as it recovers from the effect of the pandemic, I do see a period of some growth,” the bank’s Executive Director, Toyin Adeniji, forecast in a chat with The Guardian.

She said the country has had time to “build some business-friendly policies” that would boost Micro Small and Medium Enterprise (MSME) cluster. Adeniji was reacting to the improved reduction of business closures in the country.

According to the Government Enterprise and Empowerment Programme (GEEP), there was an 18 per cent decrease in November 2020 as against the 57 per cent tally of August.

The initiative was launched in 2016 to offer interest and collateral-free credit to the millions of MSMEs operating at the bottom of the Nigerian economic pyramid.

“We will continue to see these clusters coming. We are going to see some of the…

Source: Guardian Newspaper