The Minister of Industry, Trade and Investment, Dr
According to him, the current arrangement where less than 15 percent loanable funds is set aside for MSMEs' need is unacceptable and must be reviewed upward for jobs and wealth creation.
He urged BoI to emulate the practice in
"The core mandate of BoI is to provide financial assistance for the establishment of large, medium and small projects as well as for diversification, expansion of existing enterprises and rehabilitation of ailing industries.
"Its mandates are also anchored on creating an enabling environment to stimulate domestic investment and attract foreign direct investment into the industrial sector of the economy, " he said. He urged the board to formulate good policies, set targets and monitor projects and programmes that would drive the operation and encourage growth in priority sectors of the economy.
Aganga expressed optimism that the bank would be supportive of the Federal Government's National Industrial Revolution Plan (NIRP) and National Enterprise Development Programme (NEDEP). He, however, advised the board to forward the quarterly reports of the bank's performance on loans, impact on NIRP and NEDEP, job creation and contribution to national development to the ministry.
"There is no doubt that the bank's mission is to transform
According to him, this will enable the industries to attain modern capabilities to produce goods that are competitive in both domestic and external markets.
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