BY Busola Aro
President Muhammadu Buhari has lauded the efforts of the Bank of Industry (BOI) in creating nine million jobs since 2015 when his tenure began.
He also commended the bank for disbursing over N1.24 trillion to 4.2 million beneficiaries in micro, small, medium and large enterprises as well as raising €750 million from foreign investors.
Buhari spoke virtually on Thursday while inaugurating the second tower of the BOI building in Abuja.
The president said the bank has continued to successfully execute its mandate as a policy institution of the federal government.
“In order to further enhance its capacity to impact the industrial sector on a transformational scale, I approved the issuance of a sovereign guarantee to help the Bank raise funds in the Eurobond market,” Buhari said.
“I am glad to note that the Bank has recently completed the transaction by raising €750 million from international investors.
“The proceeds of this Eurobond will be disbursed to Large, Medium & Small Enterprises, and women entrepreneurs with bankable projects.
“It is commendable that the Bank sources its own funds for lending based on its investment-grade ratings by the rating agencies.”
President Buhari however said the management of the bank must ensure that its impact is felt all over the country.
On his part, Adeniyi Adebayo, minister of industry, trade and investment, thanked the president for approving the sovereign guarantee for BOI’s maiden 50 million Eurobond issue which concluded in February this year.
He added that the feat represented BOI’s first Eurobond denominated transactions from Nigeria, which would create a benchmark for other prospective issuance from Africa.
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