The Bank of Industry (BOI) has reaffirmed its commitment to supporting local manufacturers, enterprises and investors with resources to drive significant industrial growth and transformation as well as economic development in the country.
Dr. Olasupo Olusi, managing director/chief executive officer, Bank of Industry (BOI), who stated this during a tour of the Tolaram Group’s facilities in the Lagos Free Zone (LFZ), underscored the bank’s dedication to fostering industrial growth and empowering Nigerian enterprises to achieve global success.
Olusi lauded the achievements of Tolaram Group and its significant impact on the economy while highlighting BOI’s pivotal role in supporting Tolaram’s expansive industrial initiatives.
He expressed pride in BOI’s association with Tolaram Group, describing the activities in the Lagos Free Zone facilities and the Lekki deep seaport as a testament to the success of both entities’ role in supporting industrial development and job creation.
Olusi reiterated BOI’s commitment to supporting Nigeria’s industrial sector’s growth with the potential of replicating the Tolaram Group’s success story while calling on aspiring indigenous enterprises to seize opportunities and resources available in the country.
“The Tolaram story in Nigeria is fantastic, and I am very happy that the Bank of Industry has been part of that journey. It shows our commitment and impact in the industrial sector. It convinces me that it is indeed possible to achieve great industrial feats in Nigeria,” he noted.
Haresh Aswani, managing director, Tolaram Africa, expressed gratitude to BOI for its long-standing partnership with Tolaram Group in its commitment to building industries, which has resulted in substantial industrial growth and economic infrastructure development in the country.
Aswani underscored the cooperation between both entities, which began when the bank was known as the Nigerian Industrial Development Bank (NIDB), emphasising the critical need for continued industrial development in the country.
Addressing concerns about the business environment in Nigeria, Aswani provided solutions, which include building more industries and creating employment for the people.
Adesuwa Ladoja, managing director/chief executive officer, Lagos Free Zone (LFZ), emphasised the critical role of securing the right funding to actualise the zone’s ambitious vision of becoming the premier infrastructure space not only in Nigeria but across Africa and the world.
She underscored the necessity of partnerships with key financial institutions to achieve this goal, emphasising BOI’s critical role in the zone’s development from inception, making it an attractive destination for investors and manufacturers.
Ladoja revealed that LFZ is developing expansive industrial facilities, with some as large as 9,000 square meters, designed to attract potential investors and manufacturers by eliminating the high costs associated with setup.
Dinesh Rathi, group finance director of Tolaram, said the partnership has been pivotal in ensuring the company’s manufacturing ambitions are met and the special economic zone is successfully developed.
Rathi highlighted the relationship between Tolaram and BOI from the days of the NIDB, noting that it was a strong pillar of support in the early days of Tolaram’s manufacturing capabilities.
Rathi stated that over the past two decades, Tolaram has significantly expanded its operations with 25 manufacturing plants across the country, accompanied by substantial job creation of 22,000 direct jobs with over 100,000 additional indirect jobs.
He said as Tolaram continues to expand and innovate, it has set a clear roadmap of five to 10 years plan to further an industrial footprint by expanding its manufacturing and economic zone operations to produce quality products for consumers, with BOI’s continued financial support being crucial to achieving the plans.
