By Adewale Sanyaolu
The Bank of Industry (BoI) has said that its plan to support over 30,000 entrepreneurs over the next two years will create more than five million job opportunities for unemployed youths.
The move, according to the bank, will further improve access to cheap funds and increase its developmental impact in the country.
Acting Managing Director, BoI, Mr. Waheed Olagunju, stated this during the Harvard Business School Association of Nigeria (HBSAN) members’ forum tagged, “Alternative Sources of Financing in High Interest Rate Environment”.
Olagunju equally reiterated the bank’s resolve to leverage Deposit Money Banks’ (DMBs’) network in deploying funds to the real sector.
According to him, bridging the funding gap of about N5 trillion will require consolidated efforts of other stakeholders like the commercial banks, considering their capacity and network.
He explained that to support the industrial sector in domesticating local production, the bank was working tirelessly to mobilise resources within and outside the country to support both SMEs and other key sectors of the economy.
Meanwhile, in recognition of the bank’s support for the nation’s development and commitment of its board to the vision and agenda on industrialisation, the African Banker magazine has conferred the 2017 African Banker Icon award on BoI’s Acting Managing Director, Waheed Olagunju.
According to the organisers of the award, the ‘Icon’ category is awarded to an individual or institution for their outstanding contribution in the field of business, banking and finance.
The organisers explained that the awardees were chosen by the awards committee, which had noted excellence in their area of expertise and for their work in helping to change the perception of Africa as well as contributing to the establishment of best global practice in the continent.
“In according you this accolade, the committee has highlighted your leadership and tireless work at the Bank of Industry over the years. You have played an invaluable role during a period when the bank expanded its activities, which saw significant improvement in the overall performance of its activities.