By COMFORT NJIONYE, Abuja
In order to finance the industrial component of the federal government’s Economic Recovery and Growth Plan (ERGP), the Bank of Industry (BoI) has embarked on N1 trillion fund mobilizations drive.
The Acting Director General of the BoI, Waheed Olagunju, speaking at the general meeting held in Abuja said the fund would also be used to support ventures that will ensure the realization of the Sustainable Development Goals (SDGs).
Olagunju said the fund would also be used to increase BoI’s risk assets to N1.2 trillion by 2019 in line with the Bank’s re-evaluation strategy.
The bank of industry boss disclosed that the Bank approved over N1 trillion loans to various industrial sectors of the economy in the last 10 years.
He said the bank recorded double digit growth in all its operations in 2016, surpassing the performance of most commercial banks.
And also added that the bank disbursed N13 billion to SMEs in 2016, up from the N8 billion disbursed in 2015.
He revealed that as a result of commitment, the average staff contribution to profit after tax was N62 million.
The Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, expressed satisfaction that Fitch Rating affirmed BOI’s AA+ in 2016 when most banks had their ratings downgraded.
The Minister said 2016 was a difficult year for financial institutions, adding that the BOI has continued to provide support to young Nigerians to become entrepreneurs.