Managing Director, BOI, Ms Evelyn Oputu
The Federal Government, through the Bank of Industry (BOI) and the Africa Development Bank (AfDB), has concluded plans on a N75 billion funding facility in support of the nation’s fledging entertainment industry.
The entertainment industry in Nigeria has taken an upward swing in the past decade, drawing the attention of the government and global multilateral funding agencies to the sector’s potential to trigger a major growth in the economy.
The potential of the essential sector of the economy has now led to the arrangement of the N75 billion fund that would be targeted at the different point in the value chain of the entire entertainment industry, from artiste development to video production and editing and then marketing and distribution.
The Managing Director, BOI, Ms Evelyn Oputu, during an annual general symposium organised by the Lagos Chamber of Commerce and Industry (LCCI), said the fund was at the verge of disbursement.
She stressed that the partnership was now just ‘crossing Ts and dotting the Is’ before the fund would be made available. “The bank is already treating applications for the funds pending when the disbursement will start,” she said.
Meanwhile, she disclosed that BOI has disbursed about N250 billion out of the N300 billion created by the FG for power projects and to bail out the aviation industry in the country.
Meanwhile, she disclosed that BOI has disbursed about N250 billion out of the N300 billion created by the FG for power projects and to bail out the aviation industry in the country.
The Managing Director, who was represented by the General Manager, Operations, BOI, Mr. Austin Madugo, said only around N50 billion was left from the fund, and recalled that a N100 billion cotton and textile resuscitation fund had already been disbursed by BOI.
She also said BOI had completed the disbursement of a N200 billion industrial refinancing fund for manufacturing, stressing that the objectives of the fund was to fast-track the development of the manufacturing sector of the economy by improving access to credit of manufacturers.
She also said BOI had completed the disbursement of a N200 billion industrial refinancing fund for manufacturing, stressing that the objectives of the fund was to fast-track the development of the manufacturing sector of the economy by improving access to credit of manufacturers.
She said it had also improved the financial position of the Deposit Money Banks (DMBs), increased output, generated employment, diversified the revenue base, increased foreign exchange earnings and provided inputs for the industrial sector on a sustainable basis.
Highlighting some of the steps to revive the industrial sector, she said BOI had launched a N10 billion rice processing fund for rice, launched a Nigeria Automotive Council (NAC) fund to revamp the auto industry in the country.
She pointed out that BOI had also matched a N2.5 billion fund with Dangote’s N2.5 billion to support Small and Medium Enterprises (SMEs) operations in the country, and had also matched another N500 million fund with Edo state government to raise N1 billion for the state to support businesses in the state.
Also speaking at the event, President, LCCI, Mr. Femi Deru, said the industrial sector was presently in a poor state bedeviled by high operating overheads, poor infrastructure, tight credit conditions, and absence of a well articulated industrial blueprint.
“Yet, this same sector holds the answer to any meaningful diversification the Nigerian economy can experience,” he said.
“Yet, this same sector holds the answer to any meaningful diversification the Nigerian economy can experience,” he said.
In diversifying this economy, he called for greater focus on the non-oil sector, adding that government should work towards the removal of the bottlenecks in the industrial sector.
According to him, “There are many opportunities existing in Nigeria’s industrial sector ranging from food processing to large scale manufacturing of finished goods. However, these opportunities cannot be exploited without the right infrastructure and business environment in place.”
He also pointed out the urgent need to diversify away from the over-dependence on oil into non-oil manufacturing in Nigeria, maintaining that the industrial sector remains one of the sectors with the highest capacity in terms of production, export and employment generation.
“There also exists in Nigeria vast raw material resources that can readily feed industries to produce finished goods instead of the pitied state of the economy where almost all finished goods are imported thereby generating pressure on the Naira,” he said.
He noted that the agricultural sector must also be revived to supply the needed raw materials for the nation’s industries.
“Our transport system needs new investments that would put in place a multi-modal system involving railways, waterways and roads that would link supply locations of raw materials with the market locations of our industries,” he added.
“Our transport system needs new investments that would put in place a multi-modal system involving railways, waterways and roads that would link supply locations of raw materials with the market locations of our industries,” he added.
“The theme of today’s symposium is topical in the face of huge import bill incurred by Nigeria due to the comatose state of industries in Nigeria. We are also privileged to have the most relevant government officials to address the theme here,” he added.
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