BOI Assures Of Commitment To SMEs Financing

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The Nigeria’s Bank of Industry, (BoI), has reassured of its commitment towards supporting growth among small businesses through sustainable funding schemes that would further stimulate industrialisation.

BoI made this position known as Nigeria and other African countries commemorate this year’s African Industrialisation Day.

According to BoI, 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.”

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 stated that many African economies have shown impressive growth rates in recent years, but noted that increased prosperity has not always translated into inclusive wealth creation.

The UN Scribe added that 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. “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,” Ban Ki-Moon noted.

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