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Banks now receive proposals from local entrepreneurs

by Business News Report

Nigerian entrepreneurs are now approaching their banks with realistic and meaningful business proposals, The Republic investigation has revealed.
Our investigation has also shown that an increasing number of Nigerian entrepreneurs have resumed intensive search for raw materials and spare parts that are internally available.
According to our investigation, many of these entrepreneurs have also ventured into other activities such as agriculture and agro allied industries.
Financial sources told The Republic that since the inception of SAP bankable projects are now pouring into the banks for appraisal and support.
In some of these cases, the firms concerned have proposal for backward integration.

The weighing and measure sector have been one area so affected. Industrial sources told The Republic that most companies in the business have in the past three years been involved in refurbishing and reconditioning of scraps which have been hitherto abandoned. These companies, The Republic learnt, now buy scraps from all over the country and recondition them for sale.
Financial sources told The Republic that Delta Steel Plant has in the past few months come up with a masterplan for foundaries industries that would produce its spare parts.
Financial sources also disclosed that cement companies through the last month imported in the past.
The breweries are not last out of the race. A good number have obtained loans from banks to develop and grow maize farms and some have gone with wheat production.
Financial sources also revealed that paints and textile firms in the country have sent proposals to banks on local raw material sourcing. In fact, some have started and have achieved about 75% local content (Halifax paints).
Our financial sources revealed that from available records the agricultural sector has been the most affected in the new entrepreneurial drive by Nigerians. According to .., through with loans arrangement.
Over 500 such farmers have benefitted so far from several banks across the country.
Another area that has received boost in recent time is the agro based industries. A good number of proposals for fisheries, tomato puree, fruit processing have gone through the banks and loans approved for them.
According to our financial sources, the federal government job creation drive through the directorate of employment has further improved th situation as many would-be entrepreneurs now said in sound proposals for banks support. It is believed that if the trend continues, a new crop of entrepreneurs will emerge to give the much needed business leadership in Nigeria.

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