BOI to pump N1tr into economy

The Bank of Industry plans to inject N1trillion into the Nigerian economy through collaboration with financial institutions in the country and development institutions in Africa.
BOI Managing Director, Mr. Olukayode Pitan, disclosed this at the inauguration of the governing board of the bank at ITS headquarters in Abuja.
The synergy, Pitan said was to further deepen the bank’s involvement in the development of the economy as well as provide necessary impetus in revitalising key sectors that have been stressed by the global economic downslide.
The intervention, he posited, was the resolve of the new management to be abreast of advancing the economy in furtherance of keeping the bank’s mandate of providing financial assistance for the establishment of large, medium and small projects as well as the expansion, diversification and modernisation of existing enterprises and rehabilitation of existing ones.
The BOI, he said, would invest the fund in infrastructural development, focus more on small and medium enterprises without neglecting large scale businesses and assist in remedial activities such as building road network to attract investors, who are interested in working with the Nigerian government.
He specifically mentioned the interest of the bank in investing in the Calabar Free Trade Zone, Kano Free Trade Zone, Nnewi Free Trade Zone and the Akwa Ibo Deep Port.
The board chairman, Mr. Aliyu Alrahman Dikko, said the board would ensure a sustainable future of the bank by benchmarking international best practices qualities.
He promised that the board would uphold the interest of beneficiaries of the bank while it would create opportunities for more entrepreneurs to benefit from the bank and consequently contribute their quota to national development.
The chairman said board members would justify their appointments as a call to national service by being transparent in performing their oversight duties.