Nigeria's Bank of Industry (BOI) has announced on Friday that it would use the US$500 million from the African Development Bank's (AfDB) to fast track the industrialization process in the country.The Chairman of the bank's Shareholders Committee, Mr Muhammed Dikwa, said at the 53rd Annual General Meeting of the bank in Abuja that the federal government facilitated the acquisition of the fund in order to deepen the bank's credit delivery process and funding of the industrial sector at concessionary rates. ``As soon as BOI complies with the disbursement processes which has reached an advanced stage, Nigerian industrialists will start benefiting from the incentive-backed facility,Â€ he said. Aside from the AfDB's funds, he said that there were other existing development fund initiatives under the bank's management, including the BOI/Dangote Small-Scale Businesses Development Fund . He added that the Cottage Industries Fund and Small-Scale Processing Fund and National Sugar Development Fund were also available.
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