African Industrialisation Day: BoI restates commitment to real sector financing

As Nigeria and other African countries commemorate this year’s African Industrialisation Day, the Bank of Industry (BoI) has reaffirmed its commitment to supporting the growth of the real sector through sustainable funding schemes.

According to the development bank, its five-year strategic plan and implemented strategy are in line with this year’s African Industrialisation Day’s theme, ‘SMEs for poverty eradication and job creation for women and youth.’

The Africa Industrialisation Day is celebrated yearly on November 20 each year to assist governments and other organisations in many African countries examine ways to stimulate Africa’s industrialisation.

Ban Ki-Moon, the United Nations secretary-general, had said many African economies had shown impressive growth rates in recent years, but increased prosperity had not always translated into inclusive wealth creation.

According to him, economic development depends on the extraction of natural resources and on low-skilled labour, which has resulted in a weak manufacturing base and uneven distribution of wealth.

Rasheed Olaoluwa, managing director, BoI, said while joining other nations in commemorating the industrialisation day, the bank, as part of measures to ensure its impact was felt in the economy, developed a five-year Strategic Plan from 2015-2019 to address challenges with funding the nation’s industrialisation agenda.

According to Olaoluwa, the strategic initiative has seen the bank move from the introduction of several innovative financing schemes, to the appointment of 122 business development service providers (BDSPs) to facilitate SMEs’ access to loans as well as the reduction of non-performing loans from 18 percent per cent to less than 5 percent, while improving its operational efficiency with an upgrade of its system and introduction of mobile applications.

ODINAKA ANUDU