Today, the acting Managing Director, BOI, Mr. Washed Olagunju at the International Mining Investment conference in Abuja gave the assurance of an increased funding support for the nation’s emerging mining industry, in line with government’s quest to diversify its revenue base.
On the viability of the development finance institution to mobilize funding support for the mining sector, Olagunju averred that @boinigeria has high credit rating.
“We are supporting real sector in a viable manner; we take our time to identify genuine entrepreneurs. Our non performing loan ratio is 3.87 per cent, which is below the CBN ration of 5 per cent. Also, as at June this year, the collection from MSMEs was N2.97billion as against N2.19bn for last year. This shows that on a sustainable basis, our promoters are paying back.”
He said the bank had reached out to other financial institutions both at home and abroad to mobilize funding to promote mining activities in the country.
According to him, the current efforts by the government, in collaboration with the private sector to come up with credible data on mining deposits in the country, will not only help investors to make credible investment decision, but will also aid donor agencies’s grant decision.
