FG Inaugurates New BoI Board Of Directors

Federal government has officially inaugurated the new board of directors of the Bank of Industry (BoI), tasking them with the critical responsibility of ensuring that BoI continues to serve as a driving force for Nigeria’s economic and industrial development.

The inauguration ceremony, held in Abuja, was presided over by Dr. Doris Uzoka-Anite, the minister of industry, trade, and investment.

In her keynote address, the minister emphasised the BoI’s national significance and the role of the new board in shaping its future.

Anite described the appointments as a reflection of President Bola Ahmed Tinubu’s trust in the capabilities of the board members. She stated, “You all were meticulously selected based on your distinguished backgrounds, and you have no excuse but to fulfil this national assignment with utmost dedication, upholding the highest standards of public service.”

She underscored the importance of the Bank of Industry (BoI) as a key player in Nigeria’s economic framework. “As we align with the Renewed Hope Agenda, it is imperative that BoI, in partnership with the Federal Ministry of Industry, Trade, and Investment, prioritises Micro, Small, and Medium Enterprises (MSMEs) within its lending activities. This will drive sustainable economic growth and create job opportunities across the country,” Anite said.

Commending the outgoing board, she acknowledged their contribution to BoI’s recent successes, including increased lending to MSMEs and financial support to over 3,000 businesses across various sectors.

Additionally, the bank has facilitated the creation of over 1 million jobs through its funding initiatives, reducing unemployment and poverty in Nigeria. Technological advancements like the bank’s online loan application platform have streamlined business processes. At the same time, sustainable development projects in areas like renewable energy and eco-friendly manufacturing have also been funded. BoI has further focused on capacity building by conducting training programs for entrepreneurs to improve their skills and business management.

The newly-appointed board, led by chairman Dr. Mansur Muhtar, is expected to build on these accomplishments. Their mandate includes aligning BoI’s operations with national economic goals, particularly in supporting MSMEs, the backbone of the Nigerian economy.

Muhtar thanked President Tinubu for the appointment, acknowledging the significant challenges ahead. He affirmed the board’s commitment to aligning BoI’s operations with the administration’s Renewed Hope Agenda and working towards Nigeria’s economic transformation.

In his opening remarks, the ministry’s permanent secretary, Amb. Nura Abba Rimi, urged the new board to use its expertise to foster sustainable industrial growth. He emphasised the importance of collaboration with the ministry and other stakeholders in achieving the socio-economic prosperity envisioned in the President’s agenda.