The Federal Government has lauded the Bank of Industry (BoI) for creating more than nine million jobs in the last seven years, and for disbursing over N1.24 trillion to 4.2 million beneficiaries in micro, small, medium and large enterprises.
President Muhammadu Buhari made the commendation yesterday, when he virtually inaugurated the Second Tower of BOI building, in Abuja.
Buhari said the bank had continued to successfully execute its mandate as a policy institution of the Federal Government, extending single digit interest rate loans to manufacturers.
He also commended the Ministry of Industry, Trade and Investment, and BOI for their contributions to the economic development of the country and wellbeing of Nigerians.
He said: “In order to further enhance its capacity to impact the industrial sector on a transformational scale, I approved the issuance of a sovereign guarantee to help the Bank raise funds in the Eurobond market.
‘‘I am glad to note that the Bank has recently completed the transaction by raising €750 million from international investors.
“The proceeds of this Eurobond will be disbursed to large, medium & small enterprises, and women entrepreneurs with bankable projects.
‘‘It is commendable that the Bank sources its own funds for lending based on its investment grade ratings by the rating agencies.”
President Buhari urged the management of the Bank to ensure that its impact is felt all over the country.
On the new building, Buhari said “I’m particularly impressed that this world-class building will finance internally generated revenue of the bank. The BoI has continued to successfully execute its mandate as a policy institution of the Federal Government. Through the Bank of Industry, this government extended the single-digit interest rate loans.
“As part of this mandate, the Bank of Industry disbursed over N1.4trillion and over N4.2billion including micro, SMEs, and large enterprises, creating over nine million jobs from its inception.”
The Bank of Industry disbursed over N1.4trillion and over N4.2billion including micro, SMEs, and large enterprises, creating over nine million jobs from its inception.
In his remarks, the Minister of Industry, Trade and Investment, Adeniyi Adebayo, thanked the President for the confidence reposed in the bank, and appointing it the partner of several laudable projects, which have helped in poverty reduction, job creation and sustenance of indigenous enterprises.
He also lauded the President for approving the sovereign guarantee for the BoI’s maiden €50 million bond issue, which was successfully concluded in February.
Earlier, the Managing Director, BoI, Olukayode Pitan, said the bank has supported over four million micro, small and medium enterprises (MSMEs) with various loans.
Pitan thanked the President for making the BoI major lead in most of its social intervention programmes. These include the Government Enterprise Empowerment Programme (GEEP); N-Power; MSME Survival Fund; AfDB Special Agro Procession Zones (SAPZs) initiative; and the AfDB Investment in Digital and Creative Enterprise (i-DICE) programme amongst others.
Also, BoI Board Chairman, Abdulrahaman Dikko, said the new building would open frontiers for Nigeria and also attracted the admiration of a number of development finance institutions (DFIs) in Africa, some of which have visited the Bank to understudy its business operating model.