President Muhammadu Buhari says the Bank of Industry under his administration has created no less than nine million jobs in the last seven years.
He said this while commissioning the new tower of the Bank of Industry (BOI) named Tower II building with a charge to the bank to ‘up the tempo’ in order to develop the economy of the country.
President Buhari who joined the commissioning of the 15-storey building in Abuja virtually on Wednesday explained that the Bank of Industry has disbursed loans worth 24 trillion to 4.2 million beneficiaries drawn from the micro, small, medium and large enterprises.
He expressed optimism that the word class building will finance internally generated revenue of the bank and by extension improves the economy of the country.
The President added, “To further enhance its capacity to impact the industrial sector on a transformational scale, I approved the issuance of a sovereign guarantee to help the Bank raise funds in the Eurobond market.
‘‘I am glad to note that the Bank has recently completed the transaction by raising 750 million Euros from international investors.
“The proceeds of this Eurobond will be disbursed to Large, Medium & Small Enterprises, and women entrepreneurs with bankable projects.
‘‘It is commendable that the Bank sources its own funds for lending based on its investment-grade ratings by the rating agencies.”