The Bank of Industry (BoI) has vowed to support loyal and existing local companies that have continued to invest in the nation despite the global economic downturn.
The Development Finance Institution (DFI) said despite the exit of some companies, others have remained dogged and resilient in expanding their frontiers in Nigeria.
Dr. Olasupo Olusi, managing director, BoI, stated this during a facility tour of some companies in Lagos who are beneficiaries of the bank’s funding.
Leading a delegation from the bank to Jawa Pharmaceutical Nigeria Limited, Olusi said, “Despite the exit of some pharmaceutical companies in Nigeria, you are still expanding and doing well. These are the sort of companies that we like to support so that you can fill any void that has been left in the production of critical drugs that are relevant in the Nigerian market.”
He thanked the company for expansion, noting that this is what Nigeria needs.
He also tasked Nigerian enterprises to take advantage of the regional and global market, expressing optimism that Nigeria has what it takes to compete at the global scene.
He commended businesses that have continued to show resilience and impacted the Nigerian economy positively.
“The Bank of Industry focuses on six thematic areas: SMEs, Youth & Skills, Digital Economy, Climate, Infrastructure and Gender that are critical for Nigeria’s industrial development. I want to encourage you to start thinking globally. The African Continental Free Trade Agreement (AfCFTA) offers lots of economic opportunities.”
He commended one of the factories visited during the tour, Imose Technologies Limited, for investing in the local value chain for the production of tablets, smartphones, laptops and desktop computers, assuring the company of the bank’s plans to support local and genuine enterprises.
“I like the fact that you have already started to deploy the use of the value chain for local materials to support your production processes. BOI is committed to standing side by side with you to ensure that the whole value chain that you are involved in develops further because we believe that by developing the tech value chain, we can create employment opportunities for young people and create wealth for the Nigerian economy.”
He reaffirmed the bank’s commitment to supporting local manufacturing of automobiles when he visited GAC Motors’ assembly plant in the Ogba area of Lagos, noting that the capacity for industrialisation exists in Nigeria.
“One thing that has stood out for me is the dedication to the course of the various entrepreneurs that have operated these businesses, so it is encouraging to see Nigerian institutions driving the industrialisation plan for the country.
“We are at the tail end of a syndicated fund raising of about €2 billion which will, of course, give us the capacity to lend to thousands of enterprises in the country. We are well capacitated to deliver credit downstream in Nigeria,” he added.
Also speaking, Varkey Verghese, managing director, Jawa Pharmaceutical Nigeria Limited, commended the BoI for its financial interventions to large and small businesses, saying that there is a need to fill up the gaps that have been created by the exit of some companies. He assured the BoI of his company’s commitment to investing and expanding its operations in the country.
Jubril Arogundade, executive director, commercial, GAC Motors, , speaking on behalf of Diana Chen, chief executive officer, said Nigeria’s automobile sector contributes only 0.4 per cent of the nation’s Gross Domestic Product (GDP), noting that with the support of the BoI, the company’s vision to increase the contribution to about 10 per cent would be achieved.
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