BoI restates financing support for local manufacturers


As Nigeria continues to struggle with the plunge in oil and commodity prices, slow-down in China\’s purchases and decline in GDP growth rates across the continent, the Bank of Industry (BoI) has stated that its intervention would be geared towards supporting investments in the nation\’s real sector rather than importation. \r\nAccording to the Bank, there is a need for Nigeria to stop its heavy dependence on imports when there is capacity to develop local industrial firms. The Managing Director, BoI, Rasheed Olaoluwa, during an assessment tour of IO Furniture, Ruff n Tumble and Animal Care Service Konsult Nigeria Limited, beneficiaries of the Development Finance Institution (DFI\’s) intervention fund, added that Nigeria must support indigenous investment to meet its food needs. \r\n\”At BoI, we are very passionate about Nigerian businesses. We must continue to produce what we consume and consume what we produce,\” he said. He stated that the bank is focused on changing its SME financing initiatives, while also pointing out the need to develop an SME cluster to aid ease of access to bankable loans for SMEs. He however stated the bank\’s readiness to support genuine businesses that would create job opportunities for the nation\’s teeming unemployed youth.

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