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BoI Gets Fresh N305bn to Finance Industrialists

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  • BoI Gets Fresh N305bn to Finance Industrialists

A total of $1bn (N305bn) has been raised by the Bank of Industry to finance the industrial 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, Mr. Olukayode Pitan, confirmed the amount during an interview with our correspondent 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.

Pitan stated that the decision of the BoI to raise $500m was very successful as the issuance programme was oversubscribed to the tune of $250m.

He said rather than raise $500m to finance the industrial sector, the bank ended up getting a total of $750m.

This, he noted, would be added to the $200m Local Content Development Fund being managed by the bank to finance the real sector of the economy.

Pitan stated, “The outlook for 2018 is very good. Most of 2017 was used to raise more money. We launched out to raise $500m facilities for the BoI, we have just completed that and it’s oversubscribed.

“Rather than $500m, we were able to raise $750m, and so, you will see that we will be very active this year. My target is that we should bridge the funding gap of about N700bn that we have identified. We have raised over $1bn and I think this year will be good for us.”

He described the outlook for 2018 as very positive as the bank was ready to give out more loans to boost the country’s industrial sector.

“We give out loans that are secured by bank guarantees. In the SMEs space, their repayment has been good and we are working very closely with the Central Bank of Nigeria and the Ministry of Finance to ensure that we put something in place that can be like a guarantee so that we can reduce the risks in that space and make more banks to lend,” he added.

The Chairman, House of Representatives Committee on Industry, Husaini Abubakar, had last month called on the BoI to increase funding to the industrial sector to achieve the Federal Government’s objective of rapidly developing the economy.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market.

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Central Bank Restricts Maize/Corn Importation

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CBN Adds Maize/Corn to Foreign Exchange Restriction List

In a bid to stimulate local production and support new job creation, the Central Bank of Nigeria on Monday said it has added maize/corn to the foreign exchange restriction list.

In a statement signed by DR. O.S. Nnaji, director trade and exchange department, and released on the apex bank’s website, the central bank said authorised dealers are directed to discontinue the processing of Forms M for the importation of Maize/Corn with immediate effect.

This means while importers of maize/corn are not restricted from importing the commodity, importers can no longer access forex through the central bank rather they will now have to source for their own foreign exchange from the black market or bureau de change operators.

Accordingly, the central bank said authorised forex dealers are required to submit all registered Forms M for the importation of Maize/Corn before the closing of business on Wednesday for processing.

“All Authorised Dealers are hereby requested to submit the list of Forms M already registered for the importation of Maize/Corn using the attached format on or before the close of business on Wednesday, July 15, 2020.”

The CBN continues to add to its growing forex restriction list to further ease pressure on the dwindling foreign reserves, stimulate local production and boost new job creation.

This is coming a few days after Nigerian Naira plunged to over three years’ low of N465 against the United States dollar on the black market and central bank’s official rate was adjusted to N380 following the inability of the apex bank to sustain N360 per US dollar rate.

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CBN, Banks to Spend N25 Billion Renovating National Theatre

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Bankers’ Committee, CBN to Spend About N25bn on National Theatre

The Central Bank of Nigeria and the Bankers’ Committee on Sunday said they plan to spend as much as N25 billion on Nigeria Creative Centre at the National Theatre, Lagos and three other states in Nigeria.

Godwin Emefiele, the Governor of the Central Bank of Nigeria, who spoke during the official handing over of the National Theatre to the Bankers’ Committee for renovation and upgrade on Sunday, thanked President Buhari for the approval and eventual handing over of properties Bankers’ Committee.

He said: “Given our dependence on crude oil as a major source of government revenue, as well as for our foreign exchange earnings, these challenges have served to reinforce the need for stakeholders to promote policies and programmes that will enable greater diversification of the Nigerian economy.

“A diversified economy that supports increased productivity in agriculture and manufacturing sectors, while harnessing the talents of our youths in the creative industries will lead to the build-up of a more resilient economy, which is better able to withstand external shocks, while creating wealth and jobs for our growing population,” he said.

The CBN Governor, who also doubled as the Chairman of the Bankers’ Committee, said in about 18 months, the Bankers’ Committee would have transformed the facility into Nigeria’s creative industrial centre.

“The creative centre, which comprises music, movies, fashion and ICT, can be a key source of growth for our economy creating up to one million jobs for the country’s teeming youths,” he said, adding that it would also aid the objective of reducing the country’s dependence on revenue from crude oil.

Emefiele explained: “India for example in 2018 generated over $240 billion from exports of IT, movies, music and fashion related goods and services. This amount is over five times our annual earnings from the sale of crude oil. With our human capital resources and an enabling environment that will help harness the creative talents of our youths, Nigeria has the potential to earn over $20 billion annually from the creative industry.

“With the growing demand for Nigerian music, movies and fashion, across Africa and in various parts of the globe, our creative industries are spurring innovation, creating jobs, and helping to shape perceptions of Nigeria, as a nation with a strong spirit of creativity and ingenuity.

“We must do more to encourage the innovative works of these young talented Nigerians as they can make significant contributions to the growth and development of our country.

“Second, given our growing population of close to 200 million people, out of which 60 per cent are under the age of 35, it is imperative that we strive to create opportunities that will keep our youths engaged, as it would portend great dangers for the progress of our nation if we allow these talents go to waste.”

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Remove Face Mask When Using ATM, Banks Tell Customers

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Face Mask May Cause ATM Transaction Failure, Banks Tell Customers

Deposit Money Banks have said due to their face recognition technology, customers wearing face masks may experience service failure while using the Automated Teller Machines (ATMs).

In an email issued to customers by Fidelity Bank, the bank said why the use of face masks is important to curb the spread of COVID-19 pandemic, customers should remove when performing ATM transactions.

The bank said “Wearing of face masks is a safety and precautionary measure we must all adhere to in this period of the COVID-19 pandemic.

“However, we advise that you remove your face mask while making withdrawals or carrying out ATM transactions to allow our ATM properly recognise you.

“Fidelity Bank ATM machines have face detection features installed to curb incidences of fraudulent ATM withdrawals.

“Consequently, you may not be able to carry out any transaction if our ATMs are not able to properly recognise you. We apologise for the inconvenience that this may cause you.”

Meanwhile, Guaranty Trust Bank plc continues to ease accessibility for all customers and advised customers to protect themselves.

GTBank said, “When visiting any of our branches, kindly protect yourself by wearing a face mask at all times. It is also very important that you keep a safe distance when in a queue inside or outside the branch.

“Before visiting any of our branches, please remember that you can withdraw up to N150,000 at all our ATMs and that you can do most of your banking from the safety of your home.”

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