BoI reaffirms commitment to real sector financing

As Nigeria and other African countries commemorate this year’s African Industrialisation Day, the Bank of Industry (BoI) has reaffirmed its commitment towards supporting growth among small businesses through sustainable funding schemes that would further stimulate industrialisation.

According to the bank, its five-year strategic plan and implemented strategy are in line with this year’s African Industrialisation Day’s theme: “SMEs for poverty eradication and job creation for women and youth.”

Indeed, the Africa Industrialisation Day is celebrated yearly on November 20 each year to assist governments and other organisations in many African countries examine ways to stimulate Africa’s industrialisation process while drawing attention to the challenges of industrialisation in the continent.

The United Nations Secretary-General , Ban Ki-Moon had stated that many African economies have shown impressive growth rates in recent years, but increased prosperity has not always translated into inclusive wealth creation.

According to him, far too often, economic development depends on the extraction of natural resources and on low-skilled labour, which has resulted in a weak manufacturing base and uneven distribution of wealth.

He noted that, “Africa needs a green, clean industrialisation that leapfrogs out-dated, polluting processes and platforms and benefits from new technologies. Inclusive and sustainable industrialisation is a key stepping stone towards sustained economic growth, food security and poverty eradication in Africa.”