Reps task BoI on poverty alleviation

The House of Representatives’ Committee on Industry has tasked the Bank of Industry (BOI) to intensify efforts in alleviating poverty in Nigeria.

The Chairman of the Committee, Mr Dolapo Badru, gave the charge during the committee’s oversight visit to BOI headquarters in Lagos on Wednesday.

Badru noted that the bank had a key role to play in repositioning Nigeria economically, following the challenges posed by the COVID-19 pandemic.

He said:” The Bank of Industry is doing a fantastic job because they have been able to help industries to remain afloat in this COVID-19 era.

“Do not forget that the commercial banks charge the least minimum of 18 per cent, but BOI has gone from 10 per cent to 8 per cent.

“They are not only dealing with corporate institutions, but Small and Medium Enterprises (SMEs) as well.

“We are trying to let them know that they have to do better in the area of orientation so that more Nigerians can benefit.

“There are lots of unemployed youths out there that can benefit from the youth programmes.

“A lot of women have benefited so far in the minimum of five million naira or more in terms of loans and the vulnerable people are the women and youths.

“They have gone so far to ameliorate the suffering of the people. There is still a lot to be done, there are still lots of communities to be reached and many lives to be touched.”

On his part, Mr Olukayode Pitan, BOI Managing Director, thanked the lawmakers for the visit, adding that it provided an opportunity to deliberate on how to move the bank forward using legislative instruments.

Pitan said: “This is the primary committee that oversees the Bank of Industry.

“We also have the Senate Committee on Industry, we are a licenced bank and we have the Central Bank of Nigeria also.

“We have Fitch Rating, we have Moody’s Rating and these are done annually, there is also KPMG so there are many areas of control.”

He said the BOI had done well and was able to do more interventions in the past year, but would double its efforts to ensure that more Nigerians benefit from its interventions.