BoI Reiterates Support for Local Production

Nume Ekeghe

The Bank of Industry (BoI) has reiterated that it would support loyal and existing local companies that have continued to invest in the nation despite the global economic downturn.

BOI noted that despite the departure of some companies, others have remained dogged and resilient in expanding their frontiers in Nigeria.

The Managing Director, BoI, Dr. Olasupo Olusi, stated this during a facility tour of some companies in Lagos that are beneficiaries of the Bank’s funding.

Leading a delegation from the Bank to Jawa Pharmaceutical Nigeria Limited, he 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.

“We thank you for the expansion and we thank you for the plans because I think it is what we need. I want to assure you of our support for your businesses to enable you contribute to the growth of the economy.”

Also speaking, the Managing Director, Jawa Pharmaceutical Nigeria Limited, Dr. Varkey Verghese, commended 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 BoI of his company’s commitment to investing and expanding its operations in the country.

Executive Director, Commercial GAC Motors, Mr. Jubril Arogundade, speaking on behalf of the Chief Executive Officer, Diana Chen, said currently, Nigeria’s automobile sector contributes only 0.4 per cent of the nation’s Gross Domestic Product (GDP), noting that with the support of BoI, the company’s vision to increase the contribution to about 10 per cent is achievable.