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BoI, UNIDO partner to boost industrial development


By Oluwafunke Ishola


Lagos   –    The Bank of Industry (BoI) and United Nations Industrial Development Organisation (UNIDO), are collaborating to drive Federal Government’s Economic Recovery and Growth Plan (ERGP) through inclusive and sustainable industrial development.

This was disclosed during the courtesy visit of Jean Bankole, UNIDO Regional Director and Representative to Nigeria and ECOWAS, to BoI’s office on Tuesday in Lagos.
Bankole said the partnership would also serve as a catalyst to the attainment of the Nigeria Industrial Revolution Plan (NIRP) and its Vision 2020 Agenda.

According to him, UNIDO has commenced a four-year country programme for Nigeria, and requires government support and strategic alliances for its funding and successful implementation.

“We are here to seek your support and to ensure that the programme is well implemented to drive industrialisation plan and diversification of Nigeria’s economy.
“We need to create the condition that will build economic resilience and position Nigeria to continue to play a key role in Africa and the global economy.

“To do this, we need strong industrialisation strategies, partnerships and investment that will place the economy on the path of growth and sustainable development,” he said.
Bankole said the country programme, estimated at $50 million, had identified intervention plans in nine thematic components that would assist Nigeria develop and grow its industrial sector.
The areas are: Micro, Small and Medium Enterprises (MSMEs) development; industrial governance and funding, Special Economic Zones (SEZs), agro-industry and agri-business development, innovation and renewable energy development.

The others include capacity building to improve quality of products and environmental management that would reduce industrial pollution.
Bankole said the programme would drive economic expansion and an inclusive growth to advance equitable opportunities for every section of the country.

He noted that development of Nigeria’s industrial sector would create more jobs, enhance productivity and boost the country’s GDP growth.
Responding, Mr Olukayode Pitan, Managing Director, BoI, said the bank would continue to partner UNIDO, and that its area of focus aligned with the bank’s activities and interventions.

“Already, we have a long-standing relationship with UNIDO, and UNIDO has an office in our bank. I can assure you that we will partner more with you to take our country to higher heights,” he said.
Pitan said the partnership would transform the structure of the nation’s economy and productivity, enhance standard of living of its people and boost economic growth.

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