We’ll support ‘loyal, existing’ local companies – BoI

The Bank of Industry (BoI) has vowed to support loyal and existing local companies that have continued to invest in the nation despite the global economic downturn.

The BoI stated that despite the exit of some companies, others have remained dogged and resilient in expanding their frontiers in Nigeria.

The Managing Director, BoI, Dr. Olasupo Olusi, stated this during a facility tour of some companies in Lagos that are beneficiaries of the Bank’s funding.

Leading a delegation from the Bank to Jawa Pharmaceutical Nigeria Limited, he said, “Despite the exit of some pharmaceutical companies in Nigeria, you are still expanding and doing well. These are the sort of companies that we like to support so that you can fill any void that has been left in the production of critical drugs that are relevant in the Nigerian market.

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“We thank you for the expansion and we thank you for the plans because I think it is what we need. I want to assure you of our support for your businesses to enable you to contribute to the growth of the economy. He also tasked Nigerian enterprises to take advantage of the regional and global market, expressing optimism that Nigeria has what it takes to compete on the global scene.

He commended businesses that have continued to show resilience and impacted the Nigerian economy positively.”

He also reaffirmed the Bank’s commitment to supporting local manufacturing of automobiles when he visited GAC Motor’s assembly plant in the Ogba area of Lagos, he added that the capacity for industrialisation exists in Nigeria.

Also speaking, the Managing Director, Jawa Pharmaceutical Nigeria Limited, Dr. Varkey Verghese, commended BoI for its financial interventions to large and small businesses, saying that there is a need to fill up the gaps that have been created by the exit of some companies.

Executive Director, Commercial GAC Motors, Mr. Jubril Arogundade, speaking on behalf of the Chief Executive Officer, Diana Chen, said currently, Nigeria’s automobile sector contributes only 0.4 per cent of the nation’s Gross Domestic Product (GDP), noting that with the support of BoI, the company’s vision to increase the contribution to about 10 per cent is achievable.