Bank of Industry Injects Over N1 trillion Into Industrial Sector since 2001

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The Bank Of Industry, BIO has stated it has invested about N1 trillion in the nation’s industrial sector in the last 15 years.

The Acting Managing Director of the Bank of Industry , Mr . Waheed Olagunju, made this known in Abuja‎ while making a presentation before the Investigative Ad – hoc Committee of the House of Representatives on Federally – owned Development Financial Institutions.

Olagunju said the importance of development finance institutions to the nation’ s economic development is not negotiable adding that they could grant long – term concessional loans at single- digit interest rates.

He noted that the bank had maintained a clean bill of health with current risk assets of N 558bn .

He said:”Our risk assets are N 558bn and 96 per cent of it are performing. “That is why our non-performing loan ratio is 3.84 per cent. So it is a very healthy bank hence it boasts of high rating from international rating agencies. ”

Recall that the Chairman of the ad-hoc committee, Mr. Emeka Anohu, maintained that the investigative hearing was not a witch – hunt but part of efforts by the House of Representatives in ensuring that state – owned financial institutions lived up to their responsibilities.

Anohu said that development banks occupied strategic place in national development, adding that the public hearing was aimed at examining issues that had bedeviled state – owned financial institutions arising from the economic downturn currently being experienced in many countries across Africa.

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