Bank of Industry seeks partnership with Edo state government

Managing Director and Chief Executive Officer (MD/CEO) of Bank of Industry, Mr. Pitan Olukayode has indicated the bank’s interest to seek more areas of collaboration with the Edo government. Assuring of the bank’s readiness to support the initiative of the Obaseki-led administration and private investors in the state, Mr. Olukayode said, “The bank is interested in partnering with Edo state government at a higher level, and expanding our scope to help market women, and industrialists, and to move the state forward”.

Olukayode made the pledge during a courtesy visit made by a team comprising top management officials of the BOI to Edo State Government House in Benin City, the Edo State capital, on Wednesday. He said, “We are planning on a package to raise between N500 billion to N1trillion to support the sustainability of large industries in the country. Large corporations must be supported because most of them are dying and many are even dead’’, he said.
He added that the Bank was mindful of the support that medium and large-scale industries provided to Micro and Small-scale businesses, assuring that the bank would work hard to ensure the viability of the sector.

In his remark, Obaseki who led the top management team through a presentation urged the Bank to support the development of large-scale industries through investments in their ventures, explaining that the viability of large-scale industries was needed to serve as enablers for small and medium scale enterprises to thrive.
He added that while the state government remained determined to support micro businesses, it also had to facilitate the major ones because the micro business would need the major ones to thrive.

The governor further intimated the bank on his administration’s developmental agenda, and sought their partnership in the development of housing schemes, agribusiness, mining and other specific areas. “We want to have an engagement different from what used to be in the past. Edo State government has identified housing chain, for instance. There are some federal government initiatives; how do we invest in this chain?

“Also, we want to look at how to support farmers, to grow enough cassava for ethanol production, and grains like maize and soya beans for livestock feeds,” he said. In addition, the governor explained that Edo could manufacture ceramics, steel, and glass, as well as support specific projects while being cost effective.