TheCable

The Bank of Industry (BOI) has entered a partnership with the National Agency for Food and Drugs Administration and Control (NAFDAC) to boost the Nigerian economy.

This was consummated via a Memorandum of Understanding (MOU) signed by both parties on Friday, at the BOI headquarters in Marina, Lagos.

Waheed Olagunju, acting managing director and CEO of BOI, said NAFDAC certification would hasten the process for accessing credit facility by manufacturing companies in need of funds from BOI.

He said NAFDAC would share information with BOI on the status of companies seeking loans from the development bank, adding that certifies companies would have a profitable edge.

“It is only certified products that can be sold in the market profitably. It is important for BOI customers to be accredited. Their accreditation by NAFDAC shows that they conform to best manufacturing practices,” he said.

Olagunju, Oni signing the MOU

“BOI is supporting many local pharmaceutical companies under Manufacturers Association of Nigeria to export their products because they meet NAFDAC and World Health Organisation (WHO) standards.”

Yetunde Oni, director general of NAFDAC, said the partnership is aimed at promoting productivity and collaboration between ministries, agencies and departments of government.

“We are here today to sign the MOU for collaboration between NAFDAC and BOI, Nigeria. This is a culmination of exchanges between the two organisations in ways to further engender the policy thrust of the government of the Federal Republic of Nigeria on the improvement of the non-oil sector of the national economy.

“While BOI is processing the machinery and equipment needs of the regulated industry, and at the same time rendering technical support to NAFDAC, NAFDAC is furnishing BOI with information necessary for decision making, and our economy is becoming better.

She said the “strategic MOU” is a “win-win” for the parties involved and the entire economy.

Olagunju also disclosed that BOI granted loan facilities to about 800 companies in 2016, and aims to widen this to 2,000 companies in 2017.