The Bank of Industry (BoI) has said that it would raise N1 trillion fund to part finance industrial component of the Economic Recovery and Growth Plan (ERGP).
The Acting Managing Director,BoI, Waheed Olatunji said in Abuja on Thursday that the bank also plan to support ventures that would fast track Nigeria’s realisation of Sustainable Development Goals (SDGs).
According to him, the fund is aimed at driving a suitable financial and non financial resources from within and outside the country.
He explained that the plans to raise additional loanable funds was imperative for it to achieve its developmental agenda which includes ensuring that MSMEs account for at least 30 per cent of the Bank’s projected risk assets of N1.2 trillion by 2019.
He disclosed the bank’s plan to promote industry through the proposed N1 trillion aimed at tackling development challenges facing the country.
This move he noted was to rev up its risk assets to N1.2 trillion and create additional 5 million jobs by 2019.
Olagunju stated that as at 30th April, 2017 the bank exceeded last year’s disbursement to MSME’s by disbursing more than N13 billion as against last year’s N8 billion which represents 62 per cent increase.
In order to ensure that BOI achieves the set targets under its Strategic Plan and the envisaged development impact, he said the bank has embarked on a robust capacity building programme in support of entrepreneurs, especially those in the MSME space as well as other development banks and development support service providers.
“The bank is implementing these capacity building schemes in collaboration with some of its domestic and foreign development partners,” Olagunju said.
Meanwhile, the Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah, commended the bank for its highly impressive achievements during the 2016 financial year.
He said BoI has gained significant traction in the implementation of the Government Enterprise and Empowerment Programme (GEEP) that is being rolled out in all the 36 states of the Federations and the Federal Capital Territory.
“BOI’s support for the Federal Government’s N-Power Programme under which jobs are being created for 500,000 youths in agricultural and health sectors as well the teaching profession is another highly commendable manifestation of the bank’s contributions to ongoing efforts at diversifying and reviving the national economy,” he said.
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