The Bank of Industry (BoI) has partnered Rivers State government to propel the state to new heights of socio-economic development.
The managing director and CEO of BOI, Olukayode Pitan, stated this at a visit to the Governor of Rivers State, Siminalayi Fubara.
Pitan said that, “this collaboration will not only enhance the ease of doing business, but it will also elevate productivity, boost GDP growth, and empower the state to generate more revenue.”
He said, “We recognise the immense significance of Rivers State within the South-South region and its pivotal role in the overall development of Nigeria.”
According to him, “BoI has stood as a steadfast pillar of development financing in Nigeria for over six decades. Our remarkable track record, with total assets exceeding N3.29 trillion as of June 30, 2023, cements us as the largest and most successful Development Finance Institution (DFI) in the nation.
“We have managed numerous Matching and managed Developmental Funds totaling over N1 trillion, catering to various Ministries, Departments, Agencies of the federal government, 24 state governments, private corporate bodies, and high-net-worth individuals.”
Speaking on BoI’s commitment to Rivers State, Pitan said: “as of today, BOI has invested over N55.65 billion across diverse projects in Rivers State.Â
“Our investments encompass Large, Medium, Small, and Micro Enterprises, reflecting our commitment to fostering growth at every level. Importantly, 55.31 per cent of our total investments in the south-south region are concentrated right here in Rivers State. Our regional office that oversees our operations in the six states of the South-South region is located in Port Harcourt.”
He pointed out that, “while BoI has invested substantially within Rivers State, we acknowledge that past attempts to forge a developmental partnership relationship with the state government have not borne the desired fruits.”Â
On areas of collaboration, Pitan proposed the co-creation of specialised funds to empower Micro, Small, and Medium Enterprises (MSMEs) across all 23 local government areas of Rivers State.
According to him, ” Together we can foster the establishment of industrial hubs and common facility centers, strategically positioned across the state. These centers will facilitate innovation, production, and shared resources, catalysing industrial growth.
He also stated that. “recognising the importance of a digital economy, we envision partnering with the state government to fund private sector-driven e-government initiatives. This will not only enhance governance but also contribute to a thriving digital ecosystem.”
He also proposed other sector-specific funds like collaboratively creating funds to drive key sectors such as health, education, agribusiness, and more, will unleash their potential for sustainable growth, job creation, and enhanced services.
He added that the potential outcomes of our collaboration are truly transformative as it will lead to ease of doing business; elevate productivity and GDP growth; increase in Internally Generated Revenue (IGR); and job creation.
He added that “BoI stands ready to contribute its expertise, experience, and resources for the betterment of Rivers State.”
