FG accuses BoI and other DFIs of adequate funding for emerging sectors

The Federal Government has tasked the Bank of Industry and other development finance institutions in Nigeria to provide adequate finance to developing sectors of the economy.

Minister of Industry, Trade and Investment, Doris Uzoka-Anite, delivered the address on Thursday in Abuja at the opening of the fourth annual general meeting of the Association of Nigerian Development Finance Institutions, which was also attended by its Chairman and Managing Director of BoI, Olasupo Olusi.

Speaking at the event, which had the theme “Financing Emerging Sectors for Growth – Role of DFIs”, he said, “Emerging sectors of the economy such as renewable energy, biotechnology, information technology, sustainable agriculture and culture are key to unlocking the country’s economic growth as they constitute the future of the global economy.”

Citing World Bank statistics, the Minister of Trade and Investment, represented by BOI Shareholders’ Committee Chairman Mohammed Bala, said Nigeria’s infrastructure deficit, which is about 30 percent of its gross domestic product, is below the international benchmark of 70 percent set by the World Bank, adding that the country is projecting a need to invest $3 trillion to reduce this infrastructure deficit.

Earlier in his welcome address, BOI Managing Director Olasupo Olusi said development institutions around the world play a significant role in ensuring sustainable socio-economic development, while calling on ANDFI members to collaborate by pooling their expertise, resources and networks to implement transformational projects.

He said: “The government of President Bola Tinubu has adopted a new agenda, setting out a roadmap to take Nigeria towards a trillion-dollar economy.

“Given our mandate as DFIs, our role cannot be reiterated. Recently, on behalf of the Federal Government’s Globalisation Agenda and in particular the associated fiscal stimulus plan, there is a reaffirmation of the fact that DFIs in Nigeria must help engineer the transformation that we hope to see in our country in the near future,” he said.