Buhari praises BOI for creating 9 million jobs

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The President gave the eulogy during the virtual inauguration of the second tower of the BOI building, in Abuja on Thursday.

Buhari said the bank had continued to successfully execute its mandate as a political institution of the federal government, providing loans at single-digit interest rates to manufacturers.

He therefore commended the leadership of the Ministry of Industry, Trade and Investment and the BOI for their contributions to the economic development of the country and the welfare of Nigerians.

He said: “To further strengthen its ability to impact the industrial sector on a transformational scale, I have approved the issuance of a sovereign guarantee to help the Bank raise funds from the Eurobond market.

”I am pleased to see that the Bank has recently completed the transaction by raising €750 million from international investors.

“The proceeds of this Eurobond will be paid to large, medium and small companies and women entrepreneurs with bankable projects.

“It is commendable that the Bank sources its own funds for loans based on its investment grade ratings by rating agencies.”

President Buhari urged the Bank’s management to ensure that its impact is felt across the country.

On the new building, Buhari said he was “particularly impressed that this world-class building has been funded by the bank’s internally generated revenue (IGR).

“The building represents the Bank’s contribution to the growing list of work-related infrastructure in the Federal Capital Territory. This is another remarkable step in the Bank’s growth.

In his address, the Minister of Industry, Trade and Investment, Adeniyi Adebayothanked the President for the confidence placed in the bank, naming it a partner in several commendable projects that have contributed to poverty reduction, job creation and the maintenance of indigenous businesses.

He also commended the President for approving the Sovereign Guarantee for the BOI’s first €50 million bond issue, which was successfully concluded in February this year.

He added that the feat represented the BOI’s first Eurobond-denominated transactions from Nigeria, which would set a benchmark for other potential issuances from Africa.

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