The Federal Government of Nigeria has officially inaugurated the new Governing Board of the Bank of Industry (BOI), charging its members with the critical task of ensuring that BOI continues to serve as a pivotal catalyst for national economic growth and industrial development.
The inauguration ceremony, held in Abuja, was graced by the Honourable Minister of Industry, Trade, and Investment, Doris Uzoka-Anite.
In her keynote address, Minister Anite underscored the immense national responsibility bestowed upon the board members.
She emphasized that their roles would be instrumental in shaping the future direction of this 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.”
Addressing the new members, 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 Bank of Industry is a vital institution in our nation’s economic framework,” said Minister Anite. “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.
She said the Bank of Industry has made significant strides in recent years, reinforcing its commitment to Nigeria’s industrial and economic development. Some of the notable achievements include:
• Increased Lending to MSMEs: BOI has significantly increased its lending portfolio to Micro, Small, and Medium Enterprises, providing much-needed financial support to over 3,000 MSMEs across various sectors.
• Job Creation: Through its various funding initiatives, BOI has facilitated the creation of over 1 million jobs, contributing to the reduction of unemployment and poverty in Nigeria.
• Technological Advancements: 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: BOI has funded numerous projects focused on sustainable development, including renewable energy initiatives and environmentally friendly manufacturing processes.
• Capacity Building: 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.
According to the Chairman, “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”.
About the Bank of Industry (BOI):
The Bank of Industry is Nigeria’s foremost development finance 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.
The members of the Board are:
• Dr. Mansur Muhtar, OFR ― Chairman of the Board
• Dr. Olasupo Olusi, Managing Director/CEO
• Mr. Shekarau Omar, Executive Director Micro, Small & Medium Enterprises
• Mr Usen Effiong, Executive Director of Corporate Services & Commercial, from the Central Bank of Nigeria (CBN)
• 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
• Mr. Muhammad Bala, Non-Executive Director, representing the Federal Ministry of Industry, Trade and Investment
• 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
• Mr. Sulaiman Musa Kadira, Independent Non-Executive Director.
Adebayo Lawrence Thomas
Director of Press and Public Relations
