Buhari lauds BOI for creating 9m jobs

President Muhammadu Buhari has praised the Bank of Industry (BOI) for creating more than nine million jobs in the last seven years.

He also praised BOI for disbursing more than N1.24 trillion to 4.2 million beneficiaries in micro, small, medium and large companies.

The president delivered the eulogy as he virtually inaugurated the BOI Second Tower building, in Abuja on Thursday.

Buhari said the bank had continued to successfully execute its mandate as a political institution of the Federal Government, providing loans at single-digit interest rates to manufacturers.
Therefore, he praised the management of the Ministry of Industry, Trade and Investment and BOI for their contributions to the economic development of the country and the welfare of Nigerians.

He said: “In order to further enhance its ability to impact the industrial sector on a transformative scale, I approved the issuance of a sovereign guarantee to help the Bank raise funds in the Eurobond market.
”I am pleased to note that the Bank has recently completed the transaction of millions of euros from international investors.

“The proceeds from this Eurobond will be disbursed to large, medium and small companies and women entrepreneurs with bankable projects.
“It is commendable that the Bank raises its own funds for loans based on its investment-grade rating agencies.”

President Buhari urged Bank management to ensure that its impact is felt throughout the country.
Of the new building, Buhari said he was “particularly impressed that this world-class building was funded by the bank’s Internally Generated Revenue (IGR).

“The building represents the Bank’s contribution to the growing list of work-related infrastructure in the Federal Capital Territory. It is another notable milestone in the growth of the Bank”.

In his words, the Minister of Industry, Commerce and Investments, Adeniyi Adebayo, thanked the President for the trust placed in the bank, naming it a partner in several laudable projects that have helped reduce poverty, create jobs and support indigenous companies.

He also praised the president for approving the sovereign guarantee for the first issue of 50 million euros in BOI bonds, which was successfully concluded in February this year.

He added that the feat represented Nigeria‘s first BOI Eurobond-denominated transactions, which would create a benchmark for other possible issues from Africa.