News Technology

BoI Prescribes Smart Tech to Promote Competitiveness in the Manufacturing Sector

Reaffirms commitment to agro-allied sector’s growth

Deployment of smart technology in production processes holds the ace in promoting locally made goods in the global market, the Managing Director of the Bank of Industry (BoI), Rasheed Olaoluwa has said.

According to him, olaoluwa also reaffirmed the development finance institution’s commitment to boosting the manufacturing sector of the country through its line of credit and sector-defined intervention fund.

The BoI’s boss, who spoke during a facility tour of Beloxxi Industries Limited, SONA Agro Allied Foods Ltd and Nigerian Foundries Limited (NFL), explained that use of smart technology by manufacturers would aid the competitiveness of respective outputs in terms of cost saving measures and product quality guarantee

He noted that the project visit was to ascertain how the companies had leveraged their operations with increased financing towards boosting production, job creation, value creation and economic growth of the country.

With about N5 billion committed to some of the firms in the agro-allied sector, Olaoluwa emphasised the need for job creation, adding that there is an urgent need to provide employment for the teeming youth population in the country.

He expressed satisfaction at the level of upgrade in production quality, expansion drive, capacity utilisation, warehousing, packaging and staff welfare in the companies.

Olaoluwa said that the fund had positioned the companies to compete with their foreign counterparts and drive industrial growth in the country.
He said that the funding was part of its efforts and commitment at driving the growth of SMEs through its developmental financing platform.

Chief Executive Officer, Beloxxi Industries Limited, Obi Ezeude, said that his company had benefited N4 billion finance from the bank for expansion and upgrading of its facility since forging relationship with the bank in 2010.

He said: “The effort of BoI in lending to MSMEs is gratifying. Our production system has advanced to usage of smart machines and software driven manufacturing.”
Managing Director, Nigerian Foundries Limited, Vassily Barberopoulos, said that the Bank’s fund had increased the capacity utilisation of the company within eight months.

According to him, innovation and expansion from the financing had enhanced the company’s production by additional 1,200 tonnes casting ballast within February to October, which normally ought to have taken one year.

He however emphasised the need to promote local content initiatives in driving the growth of the manufacturing sector.
Olaoluwa urged NFL to leverage using foundries to boost the industrial sector of Nigeria with emphasis on the auto assembling plant sector of the economy.

News Technology

BOI Charges Textile Producers to Focus on Technology Acquisition

Bank of Industry, Mr. Rasheed Olaoluwa has said that for the nation’s textile producers to remain competitive, they must leverage on the emerging technology in the sector. Olaoluwa, who spoke during the Annual National Education Conference in Kaduna, noted that the adoption of new technology would not only help textile producers in cutting the cost of production, it would also make their products competitive in the global market. The forum, which has as its theme: “Buhari Administration: Revival of Textile Industry and Creation of Decent Jobs”, was organised by the National Union of Textile, Garment and Tailoring Workers of Nigeria(NUTGTWN) and Nigeria Textile, Garment and Tailoring Employers’ Association. The conference brought together various stakeholders to deliberate on the state of the textile sector with a view to addressing some of the constraints that have held it down from realizing its potential in employment generation and capital flow. National Mirror investigation, has however, revealed that while over 121,100 jobs have been lost as a result of inactivity in the sector, only 39 out of the 143 textile mills across the country currently in operation.

However, beyond the issue of finance and smuggling, the BOI boss stated that it was imperative for the operators in the sector to be innovative, adding that textile business had gone digital. He stated, “The textile union education conference is very timely in the sense that, as you are aware, the President, Mohammadu Buhari has been quite emphatic on the need for Nigeria to revive the textile sector. “Some of the issues that have come out today has to do with how to deal with the issue of smuggling. It is an issue government needs to deal with firmly, especially with the Nigeria Customs Service. What also came out clear is the need for the textile industry to also be up and doing in term of embracing new technology. “Textile industry globally has gone digital and for us to be competitive, we need to invest in new technology and ensure that textile industry is able to do cost effective short-run. New technology we enable textile producers to come up with product sample very quickly, come out with new designs just by operating the computer. “There is a lot of computer aided designs that have gone into textile printing today. That is the challenge to the industry.”

Business News Technology

BOI Disburses N75.8M For Off-Grid Solar Home System Providers

The Bank of Industry (BoI) on Friday disbursed a total of N75.8 million to GVE Projects Ltd, and Arnergy Solar Ltd to provide solar home systems to off-grid communities in six states.

Mr Rasheed Olaoluwa, Managing Director, BoI, while presenting the cheques, Olaoluwa said that the energy project which was in collaboration with the United Nations Development Programme (UNDP) cost $4.8 billion.

He said that UNDP which had 50 per cent stake in the project had so far contributed $1.6 billion.

He said that the project was divided into two, namely the Stand Alone, which costs N31.6 million, and the Micro-Grid, which cost N44.2 million, making a total of N75.8 million.

The states for the pilot phase for the take-off are, Anambra, Delta, Niger, Osun, Kaduna and Gombe.

Olaoluwa also said that the energy project would involve the National Agency for Science and Engineering Infrastructure (NASENI) and local meter manufacturers in the provision of maintenance equipment, meters and batteries.

He stated that the project would be run on a Pay As You Go basis, and it would not be a threat to existing electricity distribution companies, as the communities to be used for the pilot phase are off-grid.

“There are two major systems, the Stand Alone, which is for singular homes, and to be attached to their roofs, while the Micro-Grid would be used as a cluster for different homes in the community.

“The choice whether to use the micro-grid or stand alone, would depend on the type of settlement in the chosen communities, which has not less than 200 houses.

“The solar system upon being installed can power 4 LED lamps, Television, radio and other appliances, with an average daily cost of N50.

“After the pilot phase has been proven successful, we have a long term goal to provide 100,000 homes with the solar power systems within the next five years.

“The project would provide a long term solution to the problematic state of power generation, which is presently less than 4000 megawatts.

“Many Nigerians have resulted to the use of generators and lanterns, even from our factories, which has continually caused noise and environmental pollution, and the world is embracing solar energy,” he said.

He stated that the programme was a more viable solution to rural-urban migration and poverty alleviation, especially in the rural communities not covered by the national grid.

Also speaking at the event, one of the recipients of the loan, Mr Ifeanyi Orajaka, assured the stakeholders that the quality of the project would be of international standard.

Orajaka stated that a model of such project had been done by his company in a community in Rivers state since 2013.

Business News Technology

BOI Offers Digital Products To Boost SME Development

The Bank of Industry (BOI) has released five digital applications that will enhance development among the over 2,500 Small and Medium Enterprises (SMEs), that are linked to the bank’s website. The digital solutions, which will address SMEs challenges in the digital age, is expected to also promote entrepreneurial business in the areas of funding and business exposure among SMEs. The products include SME Mobile App, SME Accounting Application (SAAPP) Software, Online Loan Application Portal, Loan Application Tracking System, and SME Customer Portal. Announcing the initiative at a press conference in Lagos, the Managing Director and Chief Executive Officer of the bank, Mr. Rasheed Olaoluwa, said the products were tailored to address new demand for digital solutions, occasioned by the increase in the number of internet users in the country, which include SME operators. “At , we have re-positioned our systems, processes and services to take advantage of this new digital and mobile world, in order to offer our customers the benefits of speed, mobility and convenience that came with it,” Olaoluwa said. He disclosed that the bank, in March this year, upgraded its banking application from Equinox to a more robust version called Rubikon, in order to serve its customers better. Demonstrating how the Mobile Apps works, Group Head, Information and Strategy of the bank, Mr. Thomas Akphororo, said the objective is to provide members of the public, especially entrepreneurs, easy access to information on their mobile phones, about the key activities and products of the bank, as well as how to avail themselves of the bank’s services. The mobile app gives overview of the bank and what it stands for, the category of customers the bank could assist, as well as list of the bank’s accredited business development service providers, with download features. It also provides news about events concerning the bank and the success stories of the bank and its customers. Giving details of the SME Accounting Application, Mr. Philips Ikhile of Kinesis Consulting Limited, partner to BOI, said the application would enable users keep proper accounting records of their business transactions, and generate requisite financial statements, without employing the services of an Accountant or Chartered Accountant. “SAAPP software is user friendly, with simplified menu-driven accounting tool that does not require formal accounting knowledge by the entrepreneur. It helps to raise balance sheets, which reports on the SMEs assets, liabilities and ownership equity, as well as profit and loss accounts, and cash flow,” Ikhile said. One important feature of SAAPP is the integrity of the financial statements generated on it, Ikhile added. The solution is preloaded in a branded flash drive and sells for N20, 000, but the first 100 SMEs to purchase it will get it at a discounted rate of N10, 000. With SAAPP, simple financial statements can be generated simply by imputing data in respect of daily transactions such as sales, expenditures, as well as other sundry payments and receipts. The Online Loan Application portal was developed for convenience of SME customers, so that they do not have to physically come to the bank to submit loan applications. With the portal, SME customers can apply for loan within the stipulated maximum limit. The Loan Application Tracking System, is an Information Technology (IT) tool, developed to further enhance customer service delivery to SME loan applicant. The tool enables customers to obtain online, real time, updates on loan request submitted to the bank through an innovative loan status tracker on the bank’s website. The SME Customer Portal is a platform that will help SMEs showcase their products and services to the world, through the bank’s website. It also provides information about BOI’s SME customers in terms of their contact details and value propositions. The bank called on SMEs to take advantage of the solutions to address the challenges confronting them in today’s digital age.

Business News Technology

BOI – SME Customer Portal Provides B2B linkage opportunities for SMEs

The SME Customer Portal is a platform that provides information about BOI’s SME customers in terms of their contact details, and value propositions. The main objective is to enhance the visibility of the SMEs and showcase their products thereby providing business-to-business (B2B) linkage opportunities among SMEs and between SMEs and their key partners such as suppliers, distributors, Large Enterprise off-takers, etc.  Information on over 400 customers have so far been uploaded on the portal.

The Customer Portal can be accessed through our website:

Business News Technology

BOI Reforms Loan Application Tracking System In Nigeria

The Loan Application Tracking System is an IT tool developed to further enhance customer service delivery to our SME loan applicants. The tool enables customers to obtain online, real time updates on loan requests submitted to the Bank through an innovative loan status tracker on the Bank’s website:

Customers are therefore relieved of the inconvenience of having to visit our offices for the purpose of monitoring the progress of their loan applications, as they are able to do so from the comfort of their homes or offices.

How to track loan status online:

  • The tracking code sent along with the verification link is used to track the loan application status.
  • On the website (, click on the “track your loan” link.
  • Enter the tracking code and click on track.
  • It immediately shows you the status/details of your application: New, Assigned, Pending, Approved, Unapproved.
Business News Technology

BOI Strengthens SME Financial Management with SAAPP

One of the major weaknesses of SMEs is poor record keeping and weak financial management, which makes it difficult to evaluate their financial performance and invariably inhibits their ability to access loans from banks or attract investors.

To address this deficiency, Kinesis Consulting Limited in partnership with BOI, has developed an SME Accounting Application (SAAPP). The Application has been tested to ensure that it enables users keep proper records of transactions as well as generate requisite financial statements. SAAPP is a user friendly, simplified and menu-driven accounting tool that does not require formal accounting knowledge by the entrepreneur. In fact, with this software, our SME customers will be empowered with business information on their mobile phones.

Features and Benefits of SAAPP

SAAPP will enable BOI SME customers to easily generate basic financial statements such as: v  Balance Sheets which report on the SME’s assets, liabilities and ownership equity.v  Profit & Loss Accounts, which report on the SME’s operation in terms of income (sales), expenses and profit or loss.v  Cash Flows such as SME’s operating, investing and financing activities. One important feature of SAAPP is the integrity of the financial statements generated on it. Once financial statements have been prepared, they cannot be altered at will. Consequently, it is the same statements that will be produced for submission to the tax authorities, statutory government agencies and financial institutions. The App also contains a link that enables the SME mail the financial statements directly to BOI.   SAAPP is being deployed to our SME customers via BOI branded, licensed and secured flash drives. The App is programmed for installation on a maximum of three devices per business entity and is available at a pocket-friendly price of N20,000.00. 

 How can SAAPP be used The simplified nature of the App makes it easy to use by SMEs. Structured financial statements can be generated simply by inputing data in respect of their daily transactions such as sales, expenditures as well as other sundry payments and receipts. Easily understood user manuals are provided alongside the App and a 24/7 support platform has been created to assist users who might require such service

News Technology

Bank of Industry, Kaduna State Government Sign N1bn MoU To Promote Industrialisation

The Bank of Industry has extended its MSME Development State Matching Fund initiative to 19 states, after it signed a Memorandum of Understanding with the Kaduna State Government to manage a N1 billion matching fund aimed at promoting industrial and MSME development within the state.

Speaking at the event, the Managing Director of the Bank of Industry, Mr Rasheed Olaoluwa, said the matching fund was intended to positively impact on the industrial development of the state, adding that the synergy would provide a veritable platform for Kaduna State to experience accelerated economic growth and transformation.

The Executive Governor, Kaduna State, Mukhtar Ramalan Yero, while imploring the Bank to ensure judicious use of the funds, said that the MoU in acknowledgement of the fact that the Small and Medium Enterprises (SMEs) remained a critical aspect in implementing the industrialization policy of his administration, given their potential to reduce poverty and push job and wealth creation for people living in the state.