BOI raises 300 billion to finance Industries

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The Bank of Industry (BoI) says it has raised $1bn (N30bn) to finance theindustrial sector of the economy in the 2018 fiscal period.

The amount is expected to be deployed in key sectors of the economy such as Information Technology, manufacturing, and Micro, Small and Medium-scale Enterprises, among others.

The Managing Director, BoI, Olukayode Pitan, confirmed the amount during an interview with Punch in Abuja on the sidelines of the bank’s Annual General Meeting.

He said the bank had identified funding gaps in the industrial sector, which he estimated at about N700bn, adding that this was why it decided to raise the sum of $500m to finance the sector.

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