President Muhammadu Buhari praised the Bank of Industry (BOI) in Abuja on Thursday for creating over 9 million employment in the previous seven years and disbursing over N1.24 trillion to 4.2 million beneficiaries in the Micro, Small, Medium, and Large Enterprises sectors.
President Buhari said the Bank of Industry has continued to effectively execute its role as a policy institution of the Federal Government, giving single digit interest rate loans to manufacturers, while speaking during the opening of the Second Tower of the BOI building.
The President praised the administration of the Ministry of Industry, Trade and Investment and the Board of Investment for their contributions to the country’s economic progress and the well-being of Nigerians, saying:
“I authorised the issuing of a sovereign guarantee to assist the Bank in raising funds in the Eurobond market in order to significantly expand its potential to affect the industrial sector on a transformative scale.”
“I am pleased to report that the Bank has concluded the deal, raising 750 million Euros from foreign investors.”
“The revenues of this Eurobond will be distributed to a mix of large, medium, and small businesses, as well as women entrepreneurs with viable business plans.”
“It is laudable that the Bank obtains its own money for lending based on the rating agencies’ investment grade ratings.”
As a result, President Buhari has encouraged the Bank’s management to ensure that its influence is seen throughout the country.
“I was particularly pleased that this world-class facility was financed by the Bank’s Internally Generated Revenue (IGR),” the President stated of the new structure.
“The structure marks the Bank’s contribution to the Federal Capital Territory’s increasing list of work-related infrastructure.” It’s another another significant step forward in the Bank’s development.”
The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, expressed gratitude to the President for placing his trust in the bank by appointing it as a partner in a number of commendable projects that have aided in poverty reduction, job creation, and the survival of indigenous enterprises.
He also praised the President for authorizing the national guarantee for the BOI’s first 50 million Eurobond offering, which was completed successfully in February.
He went on to say that the deal is BOI’s first Euro-Bond denominated transaction from Nigeria, and that it would serve as a baseline for future African issuance.