On assumption of duty as the Managing Director, Chief Executive Officer of Bank of Industry, (BOI ), Dr Olasupo Olusi predetermined strides to improve on the statutory functions of the industries through adequate funding and promotion of Micro Small and Medium Enterprises MSME’s had attracted highest priority .
Having drew his policy thrust to include the mandate of the agency towards not only promoting Nigeria’s industrialization and creating an enabling outlets for ordinary Nigerians through self sustenance and self reliance, with Small and Medium Enterprises SME’s as the core of its programs.
One year down line , Olusi had carried out the availment for SME’s to Nigerians running into billions of naira and also enabled an environment for the revival of ailing Industries across the country.
The mapping out of 140 moribund and lame duck industries for availment of one billion each amounting to a whopping 140Billoon on a yearly basis formed part of its strategic drive towards promoting local production as well as competitive environment in the 21st century , for businesses to thrive under the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration.
The 140 indigenous companies located in Nigeria will be the first set of initial beneficiaries, with concerted efforts to extend similar government gestures for the promotion of local content, economic rejuvenation, export driven economy and reduced to the barest minimum import dependent economy.
The moves when executed will reawaken the many moribund textile companies along with other processing and blending ones abandoned over the years, either due to lack of government supports , encouragement and intervention for its continuous survival.
The 1 Billion Naira lifeline to 140 initially selected industries will also reduced the quest for foreign exchange to companies who partially depended on some imported items, to provide the needed raw materials to the country.
The initiatives, a well thought out moves by the leadership of Dr. Olasupo Olusi at Bank of Industry (BOI) to drive the nations economy from the current all round quagmire, which will be geared towards self reliance in all facets of the country’s socioeconomic development and infrastructural rejuvenation.
With determination to break the even in all areas , the new leadership under Dr. Olasupo Olusi has resolved to chart a new policy thrust, away from “business as usual” to mainstream the activities of BOI.
This is in line with the 21st century template, modest and modern ways of deploying its laudable programs towards the economic and social emancipation of Nigerians .
*ABUBAKAR YUSUF writes from Abuja, he can be reached on [email protected].
