If you have a business in the food processing value chain, then the Bank of Industry, BoI has some things in store for you.

The Bank has announced that it has set aside about 50 billion naira for genuine food processing companies in the country to save the huge foreign exchange being spent yearly on food imports.

The Managing Director, BoI, Olukayode Pitan, stated this when the House Committee on Commerce, Industry Trade Investment came on a visit as part of their oversight function to some of the industrial firms supported by the BoI in Lagos.

The Chairman of the committee, Abubakar Moriki, stated that the BoI had a crucial role to play in revamping moribund companies hit by lack of finance.

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“The committee is here in Lagos to oversee the activities and operations of the BoI. We are here to interface with them and to know their challenges.

“We have been briefed about the bank’s historical evolution and its equity structure, balance sheet over the years and indeed, I will say at this juncture that as a typical development finance institution, the bank is doing very well,” he said.

Pitan, who was represented by the Executive Director, SME, BoI, Waheed Olagunju, said more than 96% of the bank’s risk assets were performing, maintaining that the bank closed the financial year of 2016 with a Non-Performing Loan ratio of 3.7%.

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