By NBF News
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President Goodluck Jonathan, yesterday, ordered the Governor of Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, and the Minister of Finance, Dr. Ngozi Okonjo-Iweala, to recapitalise the Bank of Industry (BOI). Speaking when he declared open the new  Corporate headquarters of the bank in Abuja,  Jonathan explained that the recapitalisation of the bank will make the bank function more in supporting Small and Medium Enterprises (SMEs), adding that the injection of fund would open up the bank's equity to development.

'It is satisfying to note that the BoI has evolved into a strong, dynamic financial institution over the last 10 years. The statement made by the MD of the bank is a testimony that they can do so much in building a great economy when we collectively act in the best interest of our country.

'I have already directed the minister of Finance and the CBN governor to work with the Minister of Trade and Investment to make sure that the BoI is truly capitalised because we have no choice if our vision and hopes that Nigeria can compete globally by 2020 must be realised.

In this regard, we shall accelerate the recapitalisation of BoI and open up its equity to development, focussed foreign institutional investors who will maintain the bank's developmental mandate.  We need the bank that will be so dedicated to fund the industrial sector especially agriculture,' he said. According to him, from the 2012 fiscal year, the Federal Government will make sure that the budget is fully implemented.

'In the light of the concept and purpose of the project and in view of the diligent and timely completion of the project and the cost effective management, I am persuaded of the can-do spirit that we have what it takes to achieve a rapid transformation of the economy. 'It is on the basis of this belief that I have directed that from next year, our national budget must be fully implemented to enable us obtain inclusive growth on job creation,' the president further noted.

Jonathan, however, promised that the  Federal Government would continue to support the bank so that it would fully assume its role of industrialising the nation.

'We shall ensure that the bank's corporate governance strategy, operational policies and procedures are in line with international best practices to enable it to mobilise the much-needed financial resources we need to fast track our industrial sector,' he said.