BoI Targets N1trn Shareholders’ Funds, N10trn Total Assets

The Bank of Industry (BoI) has set ambitious financial targets, aiming to achieve N1 trillion in shareholders’ funds and propel total assets to N10 trillion.

This announcement was made by BoI’s managing director, Mr. Olukayode Pitan, during the bank’s 63rd Annual General Meeting in Abuja.

Pitan emphasised BoI’s commitment to providing essential financial support and fostering growth across various sectors of the economy.

The bank’s latest goal reflects its determination to strengthen its capital base, inspire investor confidence, and solidify its position as a prominent institution within Nigeria’s banking sector.

In addition to fortifying its capital base, BoI aims to exert significant financial influence by scaling up its asset base, enabling it to provide substantial support to diverse sectors of the economy.

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In 2022 alone, BoI disbursed an impressive N210.7 billion to 418,436 beneficiaries, resulting in the creation of approximately 1,255,974 direct and indirect jobs. This notable achievement signifies a remarkable 32.1%

increase compared to the previous year, further establishing BoI’s reputation as a catalyst for socio-economic progress.

One notable intervention involved the successful allocation of N2.51 billion to 932 beneficiaries in the pilot states of Kano, Gombe, and Edo.

This funding formed an integral part of the esteemed BRAVE Women Nigeria program, managed by BoI on behalf of the Islamic Development Bank Group (IsDB).

By empowering women entrepreneurs and fostering their businesses, BoI actively promotes catalytic economic growth and gender inclusivity, demonstrating its commitment to sustainable development.

Furthermore, BoI demonstrated unwavering dedication to fostering entrepreneurial excellence by disbursing impressive grants totaling N2.2 billion to 14,046 beneficiaries. The cumulative amount disbursed on behalf of various fund owners reached an astonishing N2.54 billion, significantly nurturing economic dynamism across 15 states. These visionary interventions have served as a launchpad for numerous individuals to embark on entrepreneurial ventures, amplifying the transformative impact of BoI’s financial initiatives and enhancing the overall entrepreneurial ecosystem.

Mr. Pitan concluded by pledging unwavering support to

stakeholders and reiterating BoI’s pivotal mandate to revolutionise Nigeria’s industrial sector.