BoI, IFC Deepen Access to Finance, Export Credit
The Bank of Industry (BoI) and the International Finance Corporation (IFC) have partnered to improve access to finance and export credit to boost Nigeria’s industrialisation drive. Managing director of BoI, Dr Olasupo Olusi, said this at the BOI-IFC Conference on Empowering Futures in Lagos recently. Olasupo stated that the conference presented an opportunity to develop innovative ideas and initiatives towards improving access to finance, export credit, partial credit guarantees and other risk-sharing financing structures. He noted that, more importantly, the country’s current macro-economic realities place a lot of responsibility on development banks like BoI and multilateral and financial institutions like IFC to expand their risk appetite through out-of-the-box financing ideas. He pointed out that the visit of IFC’s Regional Vice President for Africa, Sergio Pimenta, and his team, to Nigeria, underscored IFC’s strong commitment to supporting the development of Africa’s largest economy even as the event also signified the strong bond that existed between the IFC and development finance institutions (DFIs). He said the event aimed at delivering a coherent and actionable plan to advance Nigeria’s industrial growth and development in line with President Bola Ahmed Tinubu’s ‘Renewed Hope Agenda’.