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Bank Of Industry Financial institution to boost mining with increased funding

The Bank of Industry has announced its preparedness to boost the mining sector with increased funding.

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Australian miners discover “world class" nickel (Not pictured) in Nigeria play

Australian miners discover “world class" nickel (Not pictured) in Nigeria


The Acting Managing Director, Bank of Industry (BOI), Mr. Waheed Olagunju, has promised to increase funding support to boost the emerging mining industry, to promote mining activities in the country.

This is contained in a statement signed by Olagunju on Wednesday in Abuja.

He said that the bank had reached out to other financial institutions both at home and abroad to mobilise funding to promote mining activities in the country.

Olagunju said that the current efforts by the government, in collaboration with the private sector to come up with credible data on mining deposits, would help investors to make credible investment decisions.

He added that this would also aid  donor agencies' grant decision.

"We are aware that our government and  the private sector are now collaborating to produce the data. Once the credible data is produced, we will be able to catalyse more investment resources into the country, particularly from abroad.

" There are a lot of grants  that are meant to support solid minerals development.

"Once there is a reliable financial institution, those donors will feel comfortable to make grant available. BoI is already well positioned to act in this regard.

"We are supporting real sector in a viable manner; we take our time to identify genuine entrepreneurs.

" Our non performing loan ratio is 3.87 per cent, which is below the CBN ration of 5 per cent.

"Also, as at June this year, the collection from MSMEs was N2.97billion as against N2.19bn for last year. This shows that on a sustainable basis, our promoters are paying back." Olagunju said.

He said that a lot of international financiers and investors were willing to operate in Nigeria in partnership with the Bank of Industry.

The BOI boss noted that the bank had been engaging its staff in capacity development programmes both at home and abroad to acquaint them with international best practices.

Olagunju said that some of the bank's staff were already undergoing training programmes at the Industrial Development Corporation of South Africa.

On the viability of the development finance institution to mobilise funding support for the mining sector, Olagunju said that the bank had high credit rating.

Olagunju restated the commitment of the DFI to the development of commodity based industrialisation, adding that the country would only be able to derive maximised benefits from its verse natural resources when there was value addition.

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