The Bank of Industry has stated that it intends to raise $10 billion from foreign investors in order to improve the country’s real sector.
According to the bank, it has raised approximately $4 billion in the last four years from more than 100 international banks/investors from more than 20 countries.
The funds raised, according to BOI Managing Director Olukayode Pitan, will be used to improve the bank’s capacity to support the nation’s real sector.
He was quoted in a statement as saying this while speaking at the inauguration of the bank’s second tower in Abuja. Pitan also stated that the President, Major General Muhammadu Buhari (retd. ), played a critical role in completing the funding transactions.
Some of the transactions, according to him, include a $750 million syndicated medium-term loan in 2018, which was fully paid; a €1 billion syndicated loan in March 2020; a $1 billion syndicated loan in December 2020; and a €750 million senior Eurobond in February 2022.
He went on to say that the bank’s innovative and technology-driven platform had played a critical role in the success of various Federal Government social intervention programs.
He stated that the BoI’s assets increased from N683 billion in 2016 to N1.7 trillion in 2021.
During his opening remarks, BOI Chairman of the Board of Directors, Aliyu Dikko, stated that the bank had supported over 3.2 million Micro, Small, and Medium-scale Enterprises and created over 7.1 million direct and indirect jobs.
“For decades, the Bank of Industry has delivered on its mandate of transforming Nigeria’s industrial sector by providing affordable and long-term financing across key segments and sectors of the economy,” he said.
“In the last five years alone, the bank has supported over 3.2 million Micro, Small, and Medium-sized Enterprises and created over 7.1 million direct and indirect jobs in collaboration with our strategic partners.”
“The bank’s total assets have increased from N683 billion in 2016 to N1.7 trillion in 2021.”