BOI, IFC partner to fund industrial sector

Bisola David
Bisola David
BOI, IFC partner to fund industrial sector

BOI, IFC partner to fund industrial sector

A stakeholder conference will be held by the Bank of Industry and the International Finance Corporation to discuss the present state of the operating environment and promote the expansion of the industrial sector in the nation.

The PUNCH revealed that the conference which was with the theme, “Empowering Futures: A Collaborative Journey in Financing Nigeria’s Industrial Sector”, is scheduled to be held in Lagos on February 5, 2024.

Chief executives from real sector businesses, insurance companies, commercial banks, and microfinance institutions are anticipated to attend.

Regional Vice President for Africa, at the IFC, Sérgio Pimenta, will be visiting Nigeria as part of the event.

One of the main goals of BOI’s development plan, according to the Managing Director/CEO of Bank of Industry,  Olasupo Olusi,, is to expedite Nigeria’s development through supporting environmentally friendly and sustainable projects across the key sectors of the economy.

The Regional Director of the IFC for Central Africa and Anglophone West Africa, Dahlia Khalifa, underlined that innovation, technical advancement, and skill development are the cornerstones of a strong industrial sector in Nigeria, which would support a more sustainable and expanding national economy.

IFC collaborates with numerous organizations, including the Bank of Industry, to enable millions of Nigerians to attain this through growth and private sector solutions.

During the conference, participants will also talk about ways to improve finance access in Nigeria by effectively mitigating risk.

The purpose of the event is to support the government’s efforts to establish Nigeria as a leading industrial hub that can enhance domestic manufacturing capacities, encourage integration into regional and international value chains, and encourage export-focused specialization, competition, and growth.

Manufacturers in Nigeria have been lamenting the slowdown in funding and investment in the country’s real industry for some time now.

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