Buhari: BOI Creates 9m Jobs, Disburses N1.2trn to 4.2m Beneficiaries in Seven Years

Deji Elumoye in Abuja 
President Muhammadu Buhari has disclosed that the Bank of Industry (BoI) created nine million jobs, as well as disbursed over N1.24 trillion to 4.2 million beneficiaries in micro, small, medium and large enterprises in the last seven years.
Speaking at the virtual inauguration of the Second Tower of BoI building in Abuja on Thursday, the president lauded the bank’s management for the job creation and empowerment since 2015.
According to him, the bank has continued to successfully execute its mandate as a policy institution of the federal government, extending single digit interest rate loans to manufacturers.

In lauding the management of the Ministry of Industry, Trade and Investment and BOI for their contributions to the economic development of the country and wellbeing of Nigerians, President Buhari said: “In order to further enhance its capacity to impact the industrial sector on a transformational scale, I approved the issuance of a sovereign guarantee to help the bank raise funds in the Eurobond market.
‘‘I am glad to note that the bank has recently completed the transaction by raising €750 million from international investors.
“The proceeds of this Eurobond will be disbursed to large, medium & small enterprises and women entrepreneurs with bankable projects.
 “It is commendable that the bank sources its own funds for lending based on its investment grade ratings by the rating agencies.”
He, therefore, urged the management of the bank to ensure that its impact is felt all over the country.
Commenting on the new building, the president said he was particularly impressed that the world class building was financed from internally generated revenue (IGR) of the bank.
According to him, “The building represents the bank’s contribution to the growing list of work-related infrastructure in the Federal Capital Territory. It is another remarkable milestone in the bank’s growth.”
Earlier in his remarks, the Minister of Industry, Trade and Investment, Adeniyi Adebayo, expressed gratitude to the president for the confidence reposed in the bank, appointing it partner of several laudable projects which have helped in poverty reduction, job creation and sustenance of indigenous enterprises.
He also lauded President Buhari for approving the sovereign guarantee for the BoI’s maiden 50 million Euro-Bond issue which was successfully concluded in February this year.
According to him, the feat represents BoI’s first Euro-Bond denominated transactions from Nigeria, which will create a benchmark for other prospective issuance from Africa.