BoI seeks foreign collaboration to boost small business lending

The Managing Director, BoI, Mr. Olukayode Pitan

ABUJA, SEPTEMBER 7, 2017 – The Bank of Industry is seeking collaboration with Development Finance Institutions from about 100 countries to boost lending to Nigerian entrepreneurs.

The Managing Director, BoI, Mr. Olukayode Pitan, stated this on Wednesday in Abuja during a meeting with the Secretary General, Association of Africa Development Finance Institutions in Africa and Europe, Mr. Joseph Alfred.

The meeting was convened to put in place adequate strategies for Nigeria’s hosting of the association’s conference scheduled to hold in November.

Pitan said the conference would be beneficial to Nigeria as it would provide a platform for the BoI to explore opportunities from DFIs from other countries.

He said with foreign collaboration, the bank would be better positioned to deliver its mandate of industrialisation of the nation’s economy.

Pitan stated, “There will be many positive take away from the conference for the BoI and other participating DFIs across Africa and Europe. We have a meeting of peer review. We will compare how things are done; not only what you’re doing here in Nigeria, but what other people are doing across the countries.

“Aside from sharing information, we will be able to network. The kind of business we do, the rates are below the market; we will be able to raise money creatively. We take more risks than any other commercial bank; we will share many information, including our personnel.”

Earlier in his remarks, Alfred said the visit was to allow his delegation to meet with the conference’s steering committee.

He stated, “Hosting this institution requires a lot of sacrifices and if Nigeria, through the BoI, is able to accept this event, then it is something we have to put our hands together.

“The AADFI is the association of African development finance institutions usually owned by the governments of countries. An important situation, there was an attempt to liquidate this organisation; but through this association, we are able to fight back. We took our case to the World Bank. Right now as I talk, the AADFI is the only institution among others in other continents, which has got observer status at the World Bank.”

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