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BOI sets new criteria for accessing govt funding

Anthony Okafor

The Bank of Industry, BOI, said that businesses with the Standards Organisation of Nigeria’s, SON, quality certification would from now on access loans from bank with ease, after certifying its new criteria.

Part of the requirements according to bank for guaranteed access to loans, includes product quality, market access, credibility and acceptance.

Speaking during the presentation ceremony, Managing Director/Chief Executive Officer of the BOI, Mr. Olukayode Pitan, stated that any firm that is able to attain the MANCAP, Mandatory Conformity Assessment Programme, certification of SON, has satisfy some crucial criteria of the BOI as regards funding for businesses.

He said, “BOI is a critical partner with SON. Once SON certifies a company or product, BOI is more likely to provide financial assistance to the company. SON remains BOI’s partner in the quest to achieve product quality through continuous improvement.

Pitan, represented by a director of the BOI, Mr. Jack King, also stated that, “SON certification addresses certain issues bordering on product quality, a key requirement for BOI financing. This is especially as the certificate award shows that a company has passed the market hurdle by which acceptance of the product is critical.”

BOI sets new criteria for accessing govt funding
BOI sets new criteria for accessing govt funding

Meanwhile, 14 companies were presented with the MANCAP, certificates by SON for adherence to strict local and global quality standard.

The 14 companies currently awarded the MANCAP certificate are Techno Paint and Chemical Industries Limited, Tropical Paints and Allied Products Limited, World Class Bakery, Raphcon Chemical Industry Limited,Molad and Tomess Nigeria Limited, Dhaveena Creative Impressions, Global Lordnaco Nigeria Limited and ISK Tech Workshop.

Others are Fine Wall Paints and Chemicals Company Limited, SOI Colourzone Limited, CWAY Integrated Abuja Limited, Joyak Janaiva Nigeria Limited, Larclux Paints and Chemicals Limited and Rehoboth Gee Ventures Limited.

According to the Director General of the SON, Mr. Osita Aboloma, one of the aims of MANCAP was ensuring the global competitiveness of Nigerian businesses.

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Aboloma, who was represented by the Director of Operations of the SON, Mr. Dauda Yakubu, disclosed that the certification of the companies meant that the companies and its products had met with the necessary standards and are capable of competing in the global market.

He added that the certification, would in addition to providing access to finance, also guarantee access to other markets in the West African region, as well as the international market.

He enjoined the successful companies to continue to abide by their current standards, adding that if during its quality audit, a company is found wanting, the certificate would be withdrawn.


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