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BoI to sustain intervention for local content development


Managing Director, Bank of Industry (BoI), Mr. Olukayode Pitan

The Bank of Industry (BOI) has stated that it would sustain its intervention programmes to aid local content development in key sectors of the economy as part of measures to boost job creation and economic growth.

The Managing Director, BoI, Olukayode Pitan, explained the need to increase local participation of indigenous companies in key sectors of the economy already dominated by foreigners, maintaining that it was time for Nigeria to take its pride of place in global value-chain.

The BoI boss who was represented by the Bank’s Divisional Head, Large Enterprises, Joseph Babatunde, during the commissioning of C&I Leasing Plc, MV Bello 2015 vessel, said as a development finance institution, it is always seeking ways to increase developmental impacts for the Nigerian economy.

He said: “We are particularly glad to be a part of this epoch making event. This is the first vessel we have supported in the bank. Our collaboration with First City Monument Bank (FCMB) has been a very wonderful partnership and we believe we will do more together.

“The financing of this vessel is creating about 220 jobs and we have also signed a Memorandum of Understanding (MoU) in Abuja for a $200 million local content development fund because we see a very bright future in the oil and gas sector.

“For us at the BoI, we like to support ventures that will create employment and add value to the economy. This is what developmental impact is all about and we are going to do more to support as many industries that want long term funding. We believe that as a development finance institution, we need to play more critical role increase the participation of indigenous companies in the oil and gas sector.

“BoI wants to make more impact and we believe the commissioning of this vessel will be impactful on the Nigerian economy. We are trying to deepen the local participation in the oil and gas industry. We need more indigenous players in the oil and gas sector so that we can take our destiny into our hands.”
Earlier, the Managing Director, C&I Leasing Plc, Andrew Otike-Odibi, commended BoI and FCMB for believing in this project, adding that it is a dream his company has been waiting to happen in 2015.

“We feel very excited about this, because we have been waiting for it to happen for two years. In the past this kind of job was done by foreigners, so being a Nigerian company that owns this vessel means that we are developing capacity for own people and also building the financial capacity to grow the fleets. From this vessel, we are bringing in other vessels of this size going forward to support the oil and gas industry,” he said.

He said being a Nigerian owned and managed vessel, it would definitely make the cost of doing business in the oil and gas industry cheaper while also creating job opportunities for Nigeria’s teeming unemployed youths.

The Managing Director, FCMB, Adam Nuru, in his response said the commissioning is a remarkable achievement because it demonstrates the opportunities available in the industry and avails opportunity to local people in the environment to support a much larger marine industry that has been dominated by foreign companies.

“This is just a reconfirmation of the capacity and competence we have in FCMB. We believe in partnerships and relationships. We have invested in the right resources to able to support various specialized industries. This today has confirmed to people that we are indeed able to support the marine industries.

Given the local content bill, we believe a lot of other businesses will come to us for support to invest in this industry,” he added.

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