ABUJA (Sundiata Post) – The Bank of Industry (BOI) has been instructed by the Chairman of the Senate Committee on Local Content, Natasha Akpoti-Uduaghan, to disclose how it utilised the $300 million Access Fund meant to promote local content.
Per a statement by the Chief Press Secretary to the Senate Panel Chairman, Arogbonlo Israel, on Wednesday, Akpoti-Uduaghan expressed interest in knowing how the fund was used in the oil and gas sector.
The order was given during a meeting of her panel with officials of the Industrial Training Fund (ITF) and the BoI.
It was revealed that the meeting was to share with the senate panel the workings of their agencies and to strengthen capacity building and collaboration.
Furthermore, the convergence sought to strengthen synergy between government agencies and maximise impact on Nigerian beneficiaries.
“Senator Akpoti-Uduaghan emphasised the importance of joint efforts in promoting local content, particularly in the oil and gas sector, where $300 million is dedicated to Nigerian access through the BoI.
“During the meeting, the Senator sought updates on the agencies’ activities, training programmes, and performance reports.
“She also requested a breakdown of the fund’s utilisation and the number of Nigerians who have benefited from it.
“Senator Akpoti-Uduaghan noted the strong relationship between local content and the BoI and highlighted that the committee had previously written to the agency to inquire about the performance of the fund and the amount available to be accessed by Nigerians.
“The representatives of the BoI mentioned that the agency is run by Nigerian funds from the private sector but managed by the Nigerian government, with an annual project of $617.7 million.
“They outlined their ability to work with the lawmaker by inviting her to speak with participants about the activities and programmes of the BoI.
“They also clarified that the BoI does not receive any amount from the federal budget and highlighted their success in attracting banks from outside the country, bringing in five billion dollars in the last five years.
“They disclosed that their programmes include: YES-P, GEEP and iDICE. The Youth Entrepreneurship Support Programme (YES-P), is BOI’s effort at addressing the worrisome phenomenon of youth unemployment in Nigeria by building the capacity of the youths and funding their business ideas.
“The YES programme is aimed at equipping young people with the requisite skills and knowledge to be self-employed by starting and managing their businesses.
“On the other hand, the Government Enterprise and Empowerment Programme (GEEP) Fund was established by the Federal Government of Nigeria through the Social Investment Unit in the Office of the Vice President (OVP).
“It is meant to provide financial assistance to market women, artisans, women cooperative societies, enterprising youths, small-scale farmers, agro-allied processors, and other MSME categories for small and medium businesses in Nigeria.
“While iDICE is aimed at building capacity and upskilling Nigerian youth (from ages 15-35), in technology and creativity to increase their employability, foster innovation, and support the emergence of more entrepreneurs.
”iDICE is co-funded by the African Development Bank (AFDB), Agence française de développement (AFD), Islamic Development Bank (IsDB), and other private investors,” part of the statement reads.
