BOI, IFC Explore Opportunities To Finance Industrial Sector

The Bank of Industry(BoI) and the International Finance Corporation (IFC) are set to host a stakeholder conference to examine the current realities of the operating environment and foster growth of Nigeria’s industrial base.

The forum is meant to examine collaborative opportunities between Nigeria’s financial and real sectors of the economy.

The conference, themed: ‘Empowering Futures: A Collaborative Journey in Financing Nigeria’s Industrial Sector’ is scheduled to hold on February 5, 2024 in Lagos, and will bring together chief executives of commercial banks, microfinance banks, insurance companies, and real sector companies. The event will feature the visit of IFC’s Regional vice president for Africa, Sérgio Pimenta, to Nigeria.

Speaking on the conference, managing director/CEO, Bank of Industry, Olasupo Olusi said: “as Nigeria’s leading DFI, one of the primary drivers of BOI’s development strategy is to accelerate Nigeria’s development through supporting environmentally friendly and sustainable projects across the key sectors of the economy.”

IFC’s regional director, Central Africa and Anglophone West Africa, Dahlia Khalifa said: “a robust industrial sector in Nigeria must be based on innovation, technological advancement, and skills development, contributing to a more sustainable and growing national economy. IFC works with a wide range of partners, such as the Bank of Industry, to empower millions of Nigerians to achieve this with private sector solutions and growth.”

The conference is expected to explore the role of industrialisation as a pathway for economic diversification in Nigeria, as panellists delve into vital components that drive private sector-led growth, create jobs, reduce poverty, improve living standards, and foster both innovation and sustainable development. Additionally, participants will discuss strategies to enhance access to funding in Nigeria through effective risk mitigation.

The event aims to support the government’s initiatives in positioning Nigeria as a prominent industrial hub with the potential to improve local manufacturing capabilities, foster integration into regional and global value chains, and promote specialisation, competition, and export orientation.

Discussions at the event could help Nigeria further harness the potential to become one of Africa’s green manufacturing hubs, capitalising on scaling renewable energy, development of sustainable industrial zones, manufacturing low-carbon construction materials, chemicals and fertilisers while eliminating gas flaring.

The conference jointly organised by BoI and IFC underscores the unwavering dedication of both institutions to establish a platform for the exchange of ideas, insights, and innovative strategies, bringing together key stakeholders, thought leaders, and industry experts, and fostering collaborative efforts within the private sector.