Bank of Industry (BOI) has said it shifted its focus from funding large entrepreneurs to Small Medium Entrepreneurs to enhance the growth and development of the economy.
The Principal Manager Strategic Planning, BOI, Mrs Betty Obaseki, stated this at the capacity building workshop for Diaspora Micro, Small and Medium Enterprises (MSMEs) during the Diaspora week in Abuja.
According to her, BOI encourages initiatives that transform raw materials to finished products. ``So to ensure growth in Africa and Nigeria economy we have to strengthen our entrepreneurs to enable them transform our natural resources to finished products,? she maintained.
She announced the bank?s readiness to partner with Nigerians in the diaspora to boost investment in the nation?s manufacturing industry.
Obaseki said BOI would support those in the Diaspora to enhance their investment motives adding, ?we consider setting up a special desk in collaboration with the Ministry of Industry, Trade and Investment to attend to the needs of the diasporas.?
Describing the nature of funding from the bank, she said it was mostly interested in funding equipment and machinery for production and not trading, noting that, ?trading does not add significant value to the economy.?
On the need to encourage indigenous entrepreneurship, Obaseki said, ?we are looking for Nigerians, we don?t want to fund foreigners, though that does not rule out the funding of foreign companies but such must have minimum of 30 to 40 percent Nigerian ownership before accessing the fund.?