The Bank of Industry (BOI) has embarked on N1 trillion fund mobilisation drive to finance the industrial component of the federal government’s economic recovery and growth plan (ERGP).
This disclosure was made by the Acting Director General of the BOI, Waheed Olagunju, while speaking at the Bank’s Annual General Meeting held in Abuja on Friday.
According to him, the fund would also be used to support ventures that will ensure the realisation of the Sustainable Development Goals (SDGs).
Olagunju said the fund would also be used to rev BOI’s risk assets to N1.2 trillion by 2019 in line with the Bank’s re-evaluation strategy.
Daily Trust quoted the BOI boss as saying that the Bank had approved over N1 trillion loans to different industrial sectors of the economy in the last 10 years.
He said the bank disbursed N13 billion to SMEs in 2016, up from the N8 billion disbursed in 2015.
He further added that the bank recorded double digit growth in all its operations in 2016, surpassing the performance of most commercial banks.
Olagunju also disclosed that the average staff contribution to profit after tax was N62 million due to sustained commitment.