'LOTS OF INDUSTRIES WOULD HAVE COLLAPSE WITHOUT BOI' - AGANGA
By Franklin Alli
A lot of industries in the country would have collapsed but for the funding support from the Bank of Industry (BoI) says Trade and Investment Minister, Dr. Olusegun Aganga.
'If not for the BoI, lots of companies would have collapsed', the Minister said during a courtesy visit to the Bank's headquarters in Lagos.
He commended the bank's management led by Ms. Evelyn Oputu for leaving up to their expectations, adding that the Federal Government on its part will continue to give the bank all the supports it needs to play a pivotal role in the industrialisation of the country.
' We shall ensure that the bank's corporate governance practices, operational policies and procedures are in line with international best practices to enable it attain the top radius needed to mobilise the much needed financial and technical resources we need to fast-track the transformation of our industrial sector,' Aganga said.
'The idea is to come and meet with the management team and to let you know that you are so important to the economic development of this country.
'Our aim is to build our industries where we have comparative and competitive advantage. Also, we want to proactively link industries to our research institutes across the country because we strongly believe that innovation is a key part of industrial development.
Countries that have successfully achieved rapid industrial development were able to do so because of the strong link between the industrial sector and research institutions. We have begun talks with the Ministry of Science and Technology on how we can make this work,' he said.
The Minister urged the bank to try as much as possible to support the manufacturers with technical advice on how to go about their businesses and proffer solution to areas they might be facing difficulties.
'For instance, we know that unstable power situation is their major challenge. You should be able to know area of hydro power and link these companies to it.,' Aganga said.