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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.