BOI Invests N55.65bn in Rivers State
Nume Ekeghe
The Bank of Industry Limited (BOI) has disclosed that its investments in Rivers State are over N55.65 billion in various businesses from expansive corporations to small- micro businesses in its bid to boost developmental financing.
BOI and the Rivers State government have also begun a developmental partnership geared towards propelling the state government’s policy endeavors to create sustainable economic opportunities
The partnership was reached recently during a private meeting with Governor Siminalayi Fubara and some top management of the bank, led by the Managing Director and Chief Executive Officer (MD/CEO), Olukayode Pitan, in Port Harcourt.
Pitan said: “As of today, BOI has invested over N55.65 billion across diverse projects in Rivers State. Our investments encompass large, medium, small, and micro enterprises, reflecting our commitment to fostering growth at every level. Importantly, 55.31 per cent of our total investments in the South-south region are concentrated right here in Rivers State.”
“Our regional office that oversees our operations in the six states of the South-south region is located in Port Harcourt.”
“While BOI has invested substantially within Rivers State, we acknowledge that past attempts to forge a developmental partnership relationship with the State Government have not borne the desired fruits. However, this juncture marks a turning point, a renewed chance to collaborate in a manner that can significantly transform the socio-economic landscape of the state.”
He also revealed that the state government has set a N4 billion matching fund with BOI to accelerate financing and enterprise in the state.
Briefing journalists shortly after the meeting, the bank’s CEO said: “We discussed the issue of matching funds and the governor expressed interest. So, he wants us to, within the next one month, accelerate the process and put together a N4 billion matching fund facility and other things to drive more economic opportunities in the state.”
“The matching fund is a counterpart funding programme between the BOI and the state government where both parties are expected to join hands to create an enterprising culture and stimulate sustainable interest in entrepreneurial activities that will attract investments, increase revenue and boost economic activities,” he added.
Pitan noted that other state governments in the country have keyed into the opportunities, adding that various states have a common challenge of youth unemployment. He disclosed that Fubara is particularly interested in creating opportunities for youths in Rivers.
He said: “The technical team has been set up whereby various things, which will engage the youths, will be done. So, once we finish the work and the governor approves it, you will know more about it.”
Pitan further affirmed the bank’s objective to propel the state towards unprecedented levels of socio-economic well-being. The CEO further emphasised that this partnership will not only improve the business environment but also amplify efficiency, stimulate Gross Domestic Product (GDP) growth, and enable the state to generate increased revenue.
