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BoI’s created 9m jobs since 2015 – Buhari



President Muhammadu Buhari, yesterday, in Abuja lauded Bank of Industry (BoI) for creating over nine million jobs in the last seven years.

  President Buhari also said over N1.24 trillion to 4.2 million was disbursed to beneficiaries in Micro, Small and Medium Enterprises (MSME).

  A statement issued by President Buhari’s Special Adviser on Media and Publicity, Femi Adesina, during the commissioning of Second Tower of BoI Building said the bank successfully executed its mandate as a policy institution of Federal Government, extending single digit interest rate loans to manufacturers.

  “In order to further enhance its capacity to impact the industrial sector on a transformational scale, I approved the issuance of a sovereign guarantee to help the Bank raise funds in the Eurobond market. I am glad to note that the Bank has recently completed the transaction, by raising €750 million from international investors.   The proceeds of this Eurobond will be disbursed to Large, Medium & Small Enterprises, and women entrepreneurs with bankable projects. It is commendable that the Bank sources its own funds for lending, based on its investment grade ratings by the rating agencies,” he said.

  President Buhari, therefore, urged the bank to ensure that its impact is felt all over the country.

On the new building, the President said he was “particularly impressed that this world class building was financed from Internally Generated Revenue (IGR) of the Bank.

  “The building represents the Bank’s contribution to the growing list of work-related infrastructure in the Federal Capital Territory. It is another remarkable milestone in the Bank’s growth.”

  On his part, Minister of Industry, Trade and Investment, Adeniyi   Adebayo thanked the President for the confidence reposed in the bank, appointing it partner of several laudable projects, which have helped in poverty reduction, job creation and sustenance of indigenous enterprises.

  He also lauded the President for approving the sovereign guarantee for the BOI’s maiden 50 million Euro-Bond issue, which was successfully concluded in February this year.

  He added that the feat represents BoI’s first Euro-Bond denominated transactions from Nigeria, which will create a benchmark for other prospective issuance from Africa.

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