BoI Gets 305 Billion Naira To Support Industrialists
If you an industrialist in Nigeria, the Bank of Industry, BoI is ready for you this year.
The bank has raised a total of $1 billion, that is about 305 billion naira, if one uses the official exchange rate of 305 naira per dollar, to finance the industrial sector of the economy within the 2018 fiscal period.
The amount is expected to be deployed in key sectors of the economy such as Information Technology, manufacturing, and Micro, Small and Medium-scale Enterprises, among others.
The Managing Director, BoI, Mr. Olukayode Pitan, confirmed the amount while speaking with newsmen in Abuja on the sidelines of the bank’s Annual General Meeting.
He said the bank had identified funding gaps in the industrial sector, which he estimated at about 700 billion naira, adding that this was why it decided to raise the sum of $500 million to finance the sector.
Pitan stated that the decision of the BoI to raise $500 million was very successful as the issuance programme was oversubscribed to the tune of $250 million.
He said rather than raise $500 million to finance the industrial sector, the bank ended up getting a total of $750 million.
This, he noted, would be added to the $200 million Local Content Development Fund being managed by the bank to finance the real sector of the economy.
“The outlook for 2018 is very good. Most of 2017 was used to raise more money. We launched out to raise $500 million facilities for the BoI, we have just completed that and it’s oversubscribed.
“Rather than $500 million, we were able to raise $750 million, and so, you will see that we will be very active this year. My target is that we should bridge the funding gap of about 700 billion naira that we have identified. We have raised over $1 billion and I think this year will be good for us,” Pitan said.
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