By Ekuson Nw’Ogbunka, Abuja
The Federal Government (FG) of Nigeria has Wednesday, today inaugurated new Governing Board of the Bank of Industry (BOI), and charged members with the critical task of ensuring that BOI continues to serve as a pivotal catalyst for national economic growth and industrial development.
According to a press release from the Director, Press and Publicity, Federal Ministry of Industry, Trade and Investment (FMITI), Mr Thomas Adebayo today, Wednesday, the members of the Board were: Dr. Mansur Muhtar, as Chairman of the Board; Dr. Olasupo Olusi, Managing Director/CEO; Mr. Shekarau Omar, Executive Director Micro, Small & Medium Enterprises and; Mr Usen Effiong, Executive Director of Corporate Services & Commercial, from the Central Bank of Nigeria (CBN).
Others were: Ms Mabel Ndagi, Executive Director Public Sector & Intervention Programmes); Mrs. Ifeoma Uz’Okpala, Executive Director Large Enterprises; Mr. Rotimi Akinde, Executive Director Corporate Finance & Risk Management and; Mr. Muhammad Bala, Non-Executive Director, representing the Federal Ministry of Industry, Trade and Investment.
The rest are: Mr Tajudeen Datti Ahmed, Non-Executive Director representing the Ministry of Finance Incorporated (MOFI);
Mr Adedamola Olufemi Young, Non-Executive Director representing the CBN;
Rev. Isaac Adefemi Agoye, Non-Executive Director and representative of the Manufacturers Association of Nigeria (MAN); Mr. Oreoluwa Adeyemi, Independent Non-Executive Director and;
Mr. Sulaiman Musa Kadira, Independent Non-Executive Director.
The inauguration ceremony, held in Abuja, was graced by the Honourable Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, who in her keynote address, underscored the immense national responsibility bestowed upon the board members, just as she emphasized that their roles would be instrumental in shaping the future direction of the esteemed institution.
Ensuring that BOI remains a cornerstone of Nigeria’s economic advancement.
Dr Anite informed members of the new board that their appointment is a testament to President Bola Ahmed Tinubu’s trust in their abilities and expertise.
She said: “You all were meticulously selected based on your distinguished backgrounds, therefore you all have no excuse than to fulfil this national assignment with utmost dedication, upholding the highest standards of public service and acting in the best interests of the nation. The BoI is a vital institution in our nation’s economic framework.“
As we align with the Renewed Hope Agenda, it is imperative that BOI, in partnership with the Federal Ministry of Industry, Trade, and Investment, prioritizes Micro, Small, and Medium Enterprises (MSMEs) within its lending activities. This focus will drive sustainable economic growth and create job opportunities across the country.”
She commended the outgoing board members whom she praised working with the Ministry to record some of the glowing recent Achievements of BoI, adding that the BoI has made significant strides in recent years, by reinforcing its commitment to Nigeria’s industrial and economic development.
Some of the achievements, according to her, include: Increased Lending to MSMEs, saying that the financial institution has increased its lending portfolio to Micro, Small, and Medium Enterprises, by providing much-needed financial support to over 3,000 MSMEs across various sectors and; Job Creation, where she informed that through its various funding initiatives, BoI has facilitated the creation of over a million jobs, contributing to the reduction of unemployment and poverty in Nigeria.
Others were: Technological Advancements, explaining that the bank has embraced digital transformation, launching an online loan application platform that has streamlined the application process, making it more accessible and efficient for businesses; Sustainable Development Projects, in which she stated that BOI has funded numerous projects focused on sustainable development, including renewable energy initiatives and environmentally friendly manufacturing processes and; Capacity Building, through which according to her, the bank has conducted extensive training and capacity-building programs for entrepreneurs, enhancing their skills and knowledge to better manage and grow their businesses.
The newly inaugurated board is expected to build on these achievements, bringing a wealth of experience and expertise to the table, and fostering innovative strategies that will enhance BOI’s capacity to support industrial development and economic diversification. The board’s mandate includes ensuring that BOI’s operations are aligned with national economic goals, particularly in supporting MSMEs, which are the backbone of Nigeria’s economy.
The Permanent Secretary, Amb. Nura Abba Rimi, in his opening remarks, reminded the newly appointed Board members of the importance of the job to sustainable industrial and economic growth. He urged the board members to bring to the fore their wealth of experience and expertise, as well as dedication in working harmoniously with the ministry and other stakeholders to achieve socio-economic prosperity in line with the Renewed Hope Agenda of Mr President.
The new board Chairman Dr. Mansur Muhtar, expressed profound gratitude to President Bola Ahmed Tinubu for deeming it worthy to appoint them on the board of BoI, saying: “Considering the challenges and enormity of these responsibilities the board would stand on the pedestal of Mr. President ‘Renewed Hope’ mandate and will work in accordance the at the vision and mission of the Bank, aligning it with current realities and objectives of the current administration”.
Recalled that the BoI is Nigeria’s foremost development financial institution, dedicated to providing financial assistance for the establishment of large, medium, and small projects, as well as the expansion, diversification, and modernization of existing enterprises. BOI’s mission is to transform Nigeria’s industrial sector by providing long-term financing and advisory services to businesses.
