Abuja, May 19, 2023:The Bank of Industry (BoI) recorded N2.3 trillion profit before tax under President Muhammadu Buhari, Chairman Board of Directors of the bank, Alhaji Aliyu Dikko has said.<\/p>\n\n\n\n
Dikko, made this known on the sidelines of the 63rd Annual General Meeting of the bank in Abuja.<\/p>\n\n\n\n
\u201cIt has been excellent. If you look at that eight years when we came on board the total assets of the bank was about N630 billion.<\/p>\n\n\n\n
\u201cRight now it has grown to about 2. 3 trillion. So you can see that it has multiplied by more than three times.<\/p>\n\n\n\n
\u201d So the bank has done excellently well in the last eight years,\u201d he said.<\/p>\n\n\n\n
On Micro Small and Medium Enterprises (MSMEs), Dikko said the risk encountered in MSME businesses, is that money could be lost easily.<\/p>\n\n\n\n
According to him, this makes it difficult for financial institutions to easily give out loans to small business owners.<\/p>\n\n\n\n
\u201dWhat we are trying to get the government to do, is to create a corporation that guarantees SMEs.<\/p>\n\n\n\n
\u201cOnce we have that, the bank will be willing to give to the SMEs, because they know that whatever they give to them are guaranteed by any organisation. \u201d<\/p>\n\n\n\n
On the bank\u2019s projections for 2023, the board chairman said Africa\u2019s economic growth was expected to remain slow, due to spill over effect from uncertainties in the global environment.<\/p>\n\n\n\n
He said as debt servicing burden rises, a growing number of African Governments are expected to seek bilateral and multilateral support towards managing the adverse economic impact.<\/p>\n\n\n\n
He quoted United Nations Department of Economic and Social Affairs as projecting Africa\u2019s growth to slow for an estimated 4. 1 per cent in 2022 to 3. 8 per cent in 2023.<\/p>\n\n\n\n
\u201cThe IMF has however upgraded Nigeria\u2019s 2023 economic growth projection to 3. 2 per cent from 3. 1 per cent earlier reported.<\/p>\n\n\n\n
\u201d The IMF noted that the upward review was due to sustainable measures being implemented by the government to address insecurity issues in the oil sector.<\/p>\n\n\n\n
\u201cThe Chief Executive Officer, NNPC, projects that daily oil production in the country can hit 2. 2 million barrels in 2023 if adequate security measures are put in place to protect oil assets.<\/p>\n\n\n\n
\u201d Based on the foregoing it is expected that exchange re pressure on the Naira should fairly reduced in the year, due to projecyed accetion of foreign exchange revenue.<\/p>\n\n\n\n
\u201cThus, a peaceful political transition to a new government, following the 2023 presidential elections is also expected to further boost investor confidence in Nigeria,\u201d Dikko said.<\/p>\n\n\n\n
On downside risks and potential headwinds, he expressed hope that economic adviser and policy makers would be circumspect and proactive in placing adequate measures to manage the risks.<\/p>\n\n\n\n
He reiterated the bank\u2019s commitment to enable seamless integration with new developments and ensure purposeful growth in the economy.<\/p>\n\n\n","protected":false},"excerpt":{"rendered":"
Abuja, May 19, 2023:The Bank of Industry (BoI) recorded N2.3 trillion profit before tax under President Muhammadu Buhari, Chairman Board of Directors of the bank, Alhaji Aliyu Dikko has said. Dikko, made this known on the sidelines of the 63rd Annual General Meeting of the bank in Abuja. \u201cIt has been excellent. If you look […]<\/p>\n","protected":false},"author":2,"featured_media":21249,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1366,949],"tags":[682],"class_list":["post-50437","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-economy","tag-boi","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\n