JA Solar International Ltd
Metalgalante S.p.A.
MSC Mediterranean Shipping Company
CAF Data Centre Industry Outlook
Car Mix

twitter Facebook Linkedin acp Contact Us

BoI lends financial support to Nigerian manufacturing sector

BoI is keen to support manufacturing processes in becoming “smarter” and efficient. (Image source: Pashminu/Flickr)

Nigeria’s Bank of Industry (BoI) is allocating funds to deploy smart technology in manufacturing processes that can improve productivity and enhance growth

BoI managing director Rasheed Olaoluwa has reaffirmed the organisation’s commitment to boost the manufacturing sector through its line of credit and sector-defined intervention fund.

A sum of US$25mn has been committed to firms in the agro-allied sectors to propel industrial growth in Nigeria, said Olaoluwa. Beloxxi Industries Limited CEO Obi Ezeude said, “The effort of BoI in lending to MSMEs is gratifying. Our production system has advanced to usage of smart machines and software-driven manufacturing.”

Nigerian Foundries Limited managing director Vassily Barberopoulos added that the bank’s funds had increased capacity utilisation of the company within eight months, and innovation specifically enhanced company production by an additional 1,200 tonnes casting ballast within February and October, which usually otherwise takes a year.

Following a visit to Beloxxi Industries Limited, SONA Agro Allied Foods Ltd and Nigerian Foundries Limited, Olaoluwa was able to ascertain how they leveraged operations to boost production, profits and efficiency. The deployment of smart technology will aid the competitiveness of industries through cost-saving measures and product quality guarantee, he said.

African Review

Most Read

The Bell team in Richards Bay consists of more than 800 machinists, welders, and assemblers. (Image source: Bell)

GFE Power Product’s extensive range covers generators from 10 kVA up to 3,000 kVA. (Image source: GFE Power Products)

The funding is the largest-ever equity raise in the minigrid industry according to Husk. (Image source: Adobe Stock)

The initiative will help African contractors participate in annual infrastructure investments. (Image source: Afreximbank)

ITS has evolved into a sophisticated systems approach, providing numerous opportunities to revolutionise road networks. (Image source: Adobe Stock)

Inside Condra’s Johannesburg factory: an overhead crane positions an electric motor during assembly of hoist and crab. (Image source: Condra)

The Yellow Metal Machine Rental team with some Wacker Neuson equipment. (Image source: Wacker Neuson)

The parties will also promote the mutual exchange of information and expertise in the field of export credit policies and practices. (Image source: TBD Group)

Although displaying resilience, the report warns that African banks remain exposed to physical climate risks due to both sovereign and industry lending. (Image source: Adobe Stock)

WAA and VCMI will seek to establish regulatory frameworks to enable access to high integrity and fair voluntary carbon markets for WAA member countries. (Image source: Adobe Stock)

Invest International’s Lara Muller; Ivory Coast Minister of Finance and Economy, Adam Coulibaly; and Ambassador Designate to Ivory Coast, Jeroen Kelderhuis. (Image source: Invest International)

IVECO is renewing its entire product range, all at once. (Image source: IVECO)

Both the IMF and EIU expect SSA to rank as the world’s second fastest growing economy in 2024. (Image source: Adobe Stock)

The MoU was signed alongside the Africa Health Business Symposium. (Image source: Africa CDC)

There has been a focus on the sugar industry. (Image source: Adobe Stock)

Latest news

The project sought to address the high accident rate at the old Breidbach intersection and the traffic congestion. (Image source: SANRAL)

The Carmix 3.5TT is renowned for its robust performance in concrete mixing. (Image source: Carmix)

Multiple member of Julius Berger were present at the summit. (Image source: Julius Berger)

The signing ceremony was held in Freetown. (Image source: Infinity Power)

The plant will be built and operated in partnership with Pele Green Energy. (Image source: Adobe Stock)

The project has a total of 210 planned connections. (Image source: ECOWAS)

The AfDB board complemented Transnet for progress made in rolling out its compliance and governance improvement programme. (Image source: AfDB)

The new data centre is ‘EcoStruxure-ready’, with components of the installed EcoStruxure for Data Centers platform solution. (Image source: Schneider Electric)

d.light has a proven track record in the use of securitised finance to support its solar-powered household products in sub-Saharan Africa. (Image source: d.light)

Ghana’s President, Nana Addo Dankwa Akufo-Addo, speaking at the launch. (Image source: Office of the President, Republic of Ghana)

Dietmar Siersdorfer speaking at Africa Energy Forum in Barcelona. (Image source: Siemens Energy)

The generator set fitted with a Perkins 1103 is providing vital backup power at the St Patrick School in Uganda. (Image source: Perkins)

5G technology deployment will take place later this year. (Image source: Adobe Stock)

Spiro will draw from its experience in Kenya, Benin, Togo, Rwanda and Nigeria as it launched in Uganda. (Image source: Spiro)

According to IRENA, concrete policy actions and massive mobilisation of finance at full speed is required in order to meet the 2030 target. (Image source: Adobe Stock)

Genset BuyersGuide
Construction Buyers Guide