BOI promotes Nigeria’s investment possibilities to United Arab Emirates

The Bank of Industry (BOI) has encouraged investors from Dubai to harness the investment possibilities that the Nigerian business environment provides. In buttressing its position, the Bank insists that both countries are yet to optimise the vast business opportunities that exist in both economies, pointing out the need to deepen trade ties between Nigeria and Dubai.

The Managing Director, BOI, Olukayode Pitan, at a meeting with the Dubai trade mission to Nigeria, said there are also opportunities for Nigerian companies to do lots of businesses leveraging on the capabilities of Dubai.

According to him, Nigeria has a lot to benefit from Dubai, saying that Dubai has been able to transform their economy by prioritizing investments on infrastructural development.

“Nigeria has a very large Muslim population. Entrepreneurs who are Muslims can key into food market in Dubai, because it is a huge market, but people are not even aware of that market. If we explore both markets, there is a lot of value creation that could be achieved”, he added.

The United Arab Emirates (UAE) through its Ambassador to Nigeria, Ambassador Fahad Al-taffaq, expressed UAE’s readiness to deepen economic ties with Nigeria towards promoting investment and trade between both countries.

Al-taffag said both countries had certain similarities and opportunities that could be explored to boost trade and investment by leveraging on technology, innovation and youthful energy across all sectors.

Over the past 15 years, our total bilateral non-oil trade growth witnessed a 17 percent increase reaching about $1.7 billion in 2017.

“More than 20 Nigerian trademarks are registered with the Ministry of Economy in Dubai,” he said. He said the Nigerian investment in the UAE had risen to about $120 million across all sectors in 2016, due to the ease of doing business policy of the federal government. He said there were huge opportunities for both economies to achieve more with deeper synergies:

“To achieve that, it is imperative to establish the right legislative infrastructure by defining the investment protection and promotion agreement to reduce stress between investors from both countries. The economic outlook is not defined by the limits of the past but liberated by the positivity of the future.”

“We have the mind, the capability and the will; this is the time to unleash our potential to reach beyond business as usual, to push the boundaries of partnership and fast forward to a bright and progressive future for both nations.”

Also speaking at the event, the Director General, Lagos Chamber of Commerce and Industry (LCCI), Muda Yusuf, said both countries have similarities, but stressed that the volume of trade between the two countries is still very low.

Yusuf said: “With closer cooperation between the private sectors, the trade volume could be improved. There are tremendous opportunities for cooperation and investment relations in infrastructure development especially power and engineering infrastructure”.

He assured that the chamber would extend all necessary support to improve trade and investment relations between Nigeria and Dubai. He implored Nigerian businesses to take advantage of the meeting to broaden the scope of their businesses.

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Vice President Yemi Osinbajo Inaugurates Shared Facilities For MSMEs In Ibadan

Vice President Yemi Osinbajo on Saturday inaugurated Micro, Small and Medium Enterprises Shared Facilities for Fashion, Style and Shea Butter production in Ibadan, Oyo State. The project is a Federal Government project to be carried out in collaboration with the Oyo State Government, and other federal agencies aimed at promoting MSMEs in the country, including the Bank of Industry.

The Shared Facilities scheme is a fallout of the activities of the National MSME Clinics, which was introduced to help improve engagements between government and MSMEs in the country. Speaking at the inauguration, Osinbajo noted that small-scale enterprises played significant roles in the economic growth of the nation. He said the Federal Government in recognition of this fact put in place various programmes such as Trader Moni, Market Moni, among others to assist owners of small-scale businesses to boost their respective trades.

According to him, some machinery and equipment have been provided and installed for the use of entrepreneurs, who could not afford to buy the machines and equipment. Osinbajo said the availability of machines and equipment would give the MSMEs the opportunity to access and use them at affordable cost, thereby promoting their respective businesses and indirectly contributing to national economic growth.

He commended the Oyo State Government for supporting the Federal Government on projects aimed at reducing poverty and promoting the living standard of every Nigerian.

In his remarks, the Managing Director of the Bank of Industry, Olukayode Pitan, lauded the project, saying Shared Facilities project showed that the National MSMEs Clinics has yielded tangible fruit in supporting small businesses in the country.

Pitan added that the Public-Private Partnership model had been adopted to guarantee success and sustainability and promised that BOI was prepared to support the initiative and other similar initiatives that would enhance the continuous growth of MSMEs in Nigeria.

Present at the inauguration were artisans, traders and Oyo State Government functionaries led by Governor Abiola Ajimobi.

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ISO 9001: Quality Management System Award Certification

Following the successful implementation of the ISO 9001:2015 Quality Management System (QMS) Certification Programme, we are delighted to announce that the Bank of Industry has been awarded the ISO 9001:2015 Quality Management System (QMS) Certification by DQS GmbH; one of the foremost and globally recognized ISO Certification Institutions. This Certification sends a strong signal to all our stakeholders with respect to the Bank’s sheer commitment to quality and customer service.

We should, however, all be mindful of the fact that this Certification marks the beginning of a 3-Year QMS Cycle, during which the Bank is required to continually maintain high standards and improve its Management Systems. Therefore all hands must be on deck to ensure that we pass both the internal and external ISO audits as they take place within the cycle and beyond.

In this light, we shall continuously engage process owners towards ensuring a successful Internal Audit that is planned to take place before the end of Quarter 1 of next year.

Congratulations to all of us for the hard work and dedication towards the attainment of this laudable achievement!

Thank you.

Business News

FG Inaugurates BoI Board of Governance

A 10-member board of the Bank of Industry (BoI) has been inaugurated by the Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah, which a charge to lift the bank to greater heights.

The members include Aliyu AbdulRahman Dikko as Chairman; Olukayode Pitan, Managing Director/Chief Executive Officer; Waheed  Olagunju, Executive Director (SME); Mrs Toyin Adeniji, Executive Director (Micro –Enterprises); and Jonathan Tabin, Executive Director (Corporate Services& Communication).

Others are Chukwuemeka Nzewi, member, National Council, Manufacturers Association of Nigeria; Dr, Bakari Wadingo, Director (Revenue & Investment/MOFI); Femi Edun, Special Assistant to Enelama; and Dr Mudashiru Olaitan, Director (Development Finance Department), Central Bank of Nigeria (CBN).

Inaugurating the Board on Tuesday in Abuja, Enelama said the appointments are a call to National Service.

He tasked the board to partner with stakeholders to be able to further raise the standard of the Micro, Small and Medium Enterprises (MSMEs) across Nigeria, while building the necessary capacities for future entrepreneurs in Nigeria, in line with the ideals of the present administration.

Responding, the Board Chairman, Dikko, who expressed gratitude to the minister, said it is a new beginning for the bank. ‘’We will take this as a national assignment, we will touch all aspects of the economy, we shall partner with relevant stakeholders to add value to the growth of small scale businesses.”

Also, in a vote of thanks, Pitan said the bank has concluded arrangements to raise N3 trillion in the next 12 months to further support the MSMEs while working with the CBN as the major partner.

‘Our concern, for now, is to explore four major economic zones in Calabar, Kano, Nnewi, and Akwa-Ibom.