BOI collaborates with IFC for financing in the industrial sector.

The Bank of Industry and the International Finance Corporation are teaming up to host a stakeholder conference in Lagos on February 5, 2024. The conference, titled “Empowering Futures: A Collaborative Journey in Financing Nigeria’s Industrial Sector”, aims to examine the current state of the operating environment and promote growth in the country’s industrial sector.

The event will bring together top executives from commercial banks, microfinance banks, insurance companies, and real sector companies. It will also feature a visit from IFC’s Regional Vice President for Africa, Sérgio Pimenta.

According to Olasupo Olusi, Managing Director/CEO of Bank of Industry, their development strategy is focused on accelerating Nigeria’s growth through supporting environmentally friendly and sustainable projects in key sectors of the economy. Dahlia Khalifa, IFC’s Regional Director for Central Africa and Anglophone West Africa, emphasized the importance of innovation, technology, and skills development in building a strong industrial sector in Nigeria.

The conference will explore the role of industrialization in diversifying the economy and creating jobs, reducing poverty, and improving living standards. Panel discussions will cover key components of private sector-led growth and strategies for enhancing access to funding through effective risk mitigation.

The event aims to support the government’s efforts in positioning Nigeria as a leading industrial hub, with a focus on improving local manufacturing capabilities, integrating into regional and global value chains, and promoting specialization, competition, and export orientation.

In recent years, manufacturers have expressed concerns about the lack of funding and investments in Nigeria’s real sector. This conference hopes to address these issues and provide solutions for promoting sustainable growth and development in the country.  

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