DFI, states collaborate to tackle unemployment, recession

Acting Managing Director, BoI, Waheed Olagunju

Acting Managing Director, BoI, Waheed Olagunju

To bridge the unemployment gap in the country as well as address economic challenges, the Bank of Industry has partnered with various state governments to provide needed financial capacity to boost operations of many enterprises.

Indeed, 20 out of the 36 states have signed up to boost micro, small and medium enterprises by committing matching funds to enable them to benefit from the varieties of services available on the bank’s template.

For instance, Katsina and Sokoto have committed N2 billion each; Abia, Anambra, Delta, Kaduna, Ogun, Oyo and Ondo states have earmarked N1 billion each. Taraba has committed N630 million, followed by Niger with N600 million; Cross River, Edo, Gombe, Kano, Kogi, Kwara and Osun have also staked N500 million as matching fund, while Enugu and Ekiti have thrown in N283.6 million and N200 million respectively.

The Bank’s Acting Managing Director, Waheed Olagunju stated that as part of measures to rev up its operations, the bank is strengthening its collaboration with its foreign and domestic partners including community-based organisations to deepen the bank’s credit delivery process and financial inclusion initiatives.

According to him, the bank is on course in 2016 to surpassing the N83.5 billion that was disbursed in 2015.

“As at the middle of the current year the bank had approved loans totaling N95 billion to more than 400 enterprises and is working assiduously to approving more loans in the second half of 2016 and ultimately meeting the institution’s disbarment target of N212 billion that could potentially lead to the creation of almost 1 million jobs in addition to the 1.6 million projected under the Government Enterprise and Empowerment Programme”, he said.

He added that at the rate 2.6 million jobs every year, BoI’s interventions could generate more than 10 million jobs over the next four years which is what is required to reduce the unemployment rate in the country to single digit.

The Minister Industry Trade Investment, Dr. Okechukwu Enelamah had also commended the Bank of Industry (BOI) for its sustained impressive performance since its inception fifteen years ago and also charged the Bank to brace up to the increasing responsibilities that are being assigned to it in Nigeria’s economic development process especially the implementation of the Nigerian Industrial Revolution Plan (NIRP), the National Enterprise Development Programme (NEDEP) and the Government’s Enterprise and Empowerment Programme (GEEP).

Dr. Enelamah extolled the leadership, management and staff of the Bank of Industry for their commitment to taking BoI to greater heights, by embracing its core values while assiduously pursuing the bank’s vision, mission and mandate.

He charged the bank to intensify efforts at mobilising suitable financial and non financial resources from within and outside Nigeria for the transformation of Nigeria’s industrial sector in accordance with the Nigerian Industrial Revolution Plan (NIRP) that emphasizes processing and adding value to Nigeria’s vast resources.

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