Buhari praises Bank of Industry for raising investment capital of $4bn over the last four years

PRESIDENT Muhammadu Buhari has commended the board and management of the Bank of Industry (BoI) for contributing to the growth and industrialisation of Nigeria in recognition of the fact that it has raised $4bn for investment purposes over the last four years.

Speaking in Abuja while he unveiled the bank’s second edifice, President Buhari said the structure would boost BoI’s internally generated revenue (IGR) potential. Over the last four years, the bank has raised about $4bn from over 100 international banks/investors in over 20 countries.

Going forward, the bank revealed that it was also working to increase the figure to about $10bn within the next few years. President Buhari pointed out that the development finance institution had disbursed over N1.4trn to micro, small and medium sized enterprises at single-digit interest rate, helping in making access to credit easier and affordable as well as supporting the diversification agenda.

President Buhari said: “I am particularly impressed that this world-class building will finance internally generated revenue of the bank. The BoI has continued to successfully execute its mandate as a policy institution of the federal government.

"Through the Bank of Industry, this government extended the single-digit interest rate loans. As part of this mandate, the Bank of Industry disbursed over N1.4trn to micro, SMEs and large enterprises, creating over 9m jobs from its inception.”