Nigeria BOI disburses N692 billion loan in 10 years – Official

Segun Aganga
Minister of Trade and Investment, Segun Aganga.

The Managing Director, Bank of Industry, BOI, Rasheed Olaoluwa, said on Sunday that the bank has disbursed N692 billion as loans to industrialists nationwide in the past 10 years.

Mr. Olaoluwa made this known to journalists in Ilorin during the pre-inauguration visit of the Minister of Industry, Trade and Investment, Olusegun Aganga, to Kam Industries.

The News Agency of Nigeria reports that Mr. Aganga was in Ilorin to inspect the Cold Roll Mill project of Kam Industries.

Mr. Olaoluwa said the bank had financed about 2,000 projects amounting to N296 billion in the last 10 years across the country.

He also said one million jobs were created through the loans accessed by the industrialists.

The managing director said BOI is the leading financial institution in the country that provides financial assistance for the establishment of large, medium and small scale projects.

He said the bank had also helped in providing the enabling environment for the expansion, diversification and modernisation of existing industries and rehabilitation of ailing ones.

Speaking after inspecting the complex, Mr. Aganga expressed satisfaction with the level of work done so far.

“I want to say that we have come; we have seen and we are completely delighted with what we have seen,” said the minister.

He said Kam Industries would greatly reduce the amount of money spent in importing iron, adding that the nation spent about $3.3 billion on the importation of iron.

Earlier, the Managing Director of Kam Industries, Bola Yusuf, commended the minister for the new lease of life his ministry was injecting into industrial development of the country.

Ms. Yusuf, however, said there were challenges being faced by industrialisation, which included insecurity and unstable foreign exchange, among others.

She said the complex was an assembly of high technology from 11 countries, including India, USA, Germany, Korea, China, Brazil, Spain, Turkey, Belgium and Egypt.

According to her, the cold Rolling Mill has created employment opportunities for downstream companies in the state.

“With a little addition of equipment we can produce vehicle panel bodies here in Nigeria and a host of raw materials for many companies,” Ms. Yusuf said.



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  • Ogunjimi Dipo O

    This is really beautiful

  • Bassey Eniang

    I have on numerous occasions listened to and watched Barrister Jim Ogunye make submissions in the media, concerning national, legal, socio economic and political matters. As always, he is spot on! One wonders why a person of his calibre is not at the head of the Judicial or Legislative arm of Government! His thoughts, mirror the kind of CHANGE Nigeria requires at this point in time!

  • Cornelius Oluseyi Ogunsalu

    Constitutional Law in Nigeria needs voices like this to make it as vibrant and controversial as possible. The provisions of a country’s constitution should be subject to interpretation[s] so that it could be adapted to the needs of a changing society OR should be strictly construed and the provisions applied in a very literal manner. The latter are the “strict constructionists” who have been the majority in Nigeria so far and are very limited in their views and interpretations. The former, are the likes of this writer, who are not too many, and will eventually be the voices of much needed and desirable [constitutional change] in Nigeria. The Nigerian Constitution should and will start undergoing amendments in due course jus as the U.S. Constitution did. Finally, Nigeria needs on twelve (12) ministers at the most and twelve states. The present geopolitical divisions were set up by corrupt Nigerian leaders of the past to embezzle petrodollars, and now that oil wealth in Nigeria is no longer ubiquitous, it is time to dismantle that structure entrenched within the Nigerian Constitution.