September 26, 2017

BOI pledges support to Nigerians in Diaspora

BOI pledges support to Nigerians in Diaspora... NAIJA INVEST

The Bank of Industry (BoI) will support Nigerians in the Diaspora to invest in the manufacturing sector.

Its Principal Manager, Strategic Planning, Mrs Betty Obaseki, has said. Speaking at a capacity building workshop for Micro, Small and Medium Enterprises (MSMEs) in Abuja, she said the bank was considering setting up a special desk in Lagos and Abuja to attend to the needs of such Nigerians.

The workshop was organised by the Ministry of Industry, Trade and Investment as part of activities to mark the 2013 Diaspora week.

“We are considering setting up a special desk in collaboration with the ministry to attend to the needs of Nigerians in the Diaspora,’’ Obaseki said.

She, however, said that “the same products would be made available to Nigerians in the Diaspora and those at home.

“There will be no special consideration because we have a dedicated desk to meet their needs.’’

The manager said banks had shifted focus from funding large entrepreneurs to small and medium entrepreneurs to enhance the growth and development of the economy

Mrs Obaseki said the bank was mostly interested in funding equipment and machinery for production and not trading, noting that “trading does not add significant value to the economy’’.

According to her, the bank encourages initiatives that transform raw materials to finished products.

She said the best way to grow and develop African and Nigerian economy was to add value to their natural resources rather than export them as raw materials.

“So, to ensure growth in the African and Nigerian economies, we have to strengthen our entrepreneurs to enable them to transform our natural resources to the finished products.

BOI pledges support to Nigerians in Diaspora... NAIJA INVEST

BOI pledges support to Nigerians in Diaspora… NAIJA INVEST

“We need to know the area where we have comparative advantage; this is what we try to encourage in the BOI.

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IMAGE: www.neiti.org.ng

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