The Bank of Industry (BoI) has reiterated its unwavering support for local businesses that continue to invest in Nigeria’s economic growth, despite the global economic downturn. The development finance institution praised the resilience of companies that have remained steadfast in expanding their operations within the country.
During a recent facility tour of several BoI-funded companies in Lagos, the bank’s Managing Director, Dr. Olasupo Olusi, expressed admiration for the pharmaceutical sector’s continued growth, despite the departure of some players. He emphasised the bank’s commitment to supporting companies that contribute to the production of critical drugs within the Nigerian market.
“We are impressed by your expansion plans and believe they are essential for meeting the needs of the Nigerian market,” Dr. Olusi stated. “We will continue to provide the necessary support to enable your businesses to contribute significantly to the country’s economic development.”
Dr. Olusi encouraged Nigerian enterprises to explore regional and global markets, highlighting Nigeria’s potential to compete on the international stage. He commended businesses that have demonstrated resilience and positively impacted the Nigerian economy, emphasising BoI’s focus on key areas such as SMEs, youth and skills, digital economy, climate, infrastructure, and gender, which are crucial for the country’s industrial development.
One of the companies visited, Imose Technologies Limited, was praised for its investment in the local value chain for the production of tablets, smartphones, laptops, and desktop computers. BoI reaffirmed its commitment to supporting local and genuine enterprises, emphasising the importance of developing the tech value chain to create employment opportunities and wealth for the Nigerian economy.
The bank’s support for local manufacturing was further highlighted during a visit to GAC Motor’s assembly plant in Lagos. Dr. Olusi commended the dedication of the entrepreneurs involved and expressed optimism about Nigeria’s industrialisation plans.
“We are excited about the potential of our recent syndicated fundraising of €2bn, which will enable us to lend to thousands of enterprises in Nigeria,” he added. “We are well-equipped to deliver credit downstream and support the growth of businesses across the country.”
The Managing Director of Jawa Pharmaceutical Nigeria Limited, Dr. Varkey Verghese, expressed gratitude for BoI’s financial interventions and highlighted the need to fill the gaps created by the exit of some companies. He assured BoI of his company’s commitment to investing and expanding its operations in Nigeria.
The Executive Director of Commercial GAC Motors, Mr. Jubril Arogundade, emphasised the importance of the automobile sector in Nigeria’s economic growth and expressed confidence in achieving the company’s vision of increasing its contribution to the GDP with the support of BoI.