BoI, UNIDO partner to foster industrial development

The Bank of Industry (BoI) and United Nations Industrial Development Organisation (UNIDO) have partnered to drive Federal Government’s Economic Recovery and Growth Plan (ERGP) through inclusive and sustainable industrial development.

This was disclosed during the courtesy visit of UNIDO Regional Director and Representative to Nigeria and ECOWAS, Jean Bankole, to BoI office in Lagos.

Bankole said that UNIDO has commenced a 4-year country programme for Nigeria, and requires government support and strategic alliances for the funding and successful implementation of the programme.

“We are here to seek your support and to ensure that the programme is well implemented to drive industrialisation plan and diversification of Nigeria’s economy.

“We all know that Nigeria is a leading economy in Africa, but at the same time we need to create condition that will build economic resilience and position Nigeria to play key role in Africa.

“To do this, we need strong industrialisation strategies, partnerships and investment that will place the economy on the path of growth and sustainable development,” he said.

Bankole said that the country programme estimated at $50 million, has identified intervention plans in nine thematic components that would assist Nigeria develop and grow its industrial sector.

The areas are; Micro, Small and Medium Enterprises (MSMEs) development; industrial governance and funding, Special Economic Zones (SEZs), agro-industry and agri-business development, innovation and renewable energy development.

Others are; capacity building to improve quality of products and environmental management that would reduce industrial pollution.

He said that development of Nigeria’s industrial sector would create more jobs, enhance productivity and boost the country’s GDP growth.

Responding, Mr Olukayode Pitan, Managing Director, BoI, said that the bank would partner with UNIDO, adding that its area of focus aligns with the bank’s activities and interventions.

“Already, we have a long-standing relationship with UNIDO, and UNIDO has an office in our bank. I can assure you that we will partner more with you to take our country to higher heights,” he said.