The Bank of Industry (BoI) has increased intervention in the ravaged North-East with about N2. 4 billion committed towards embarking on rebuilding the economic life in the ravaged region.
Olukayode Pitan the Managing director of the bank gave the information on Tuesday in Abuja while speaking on the topic:”Investment and entrepreneurship for resilient communities-the missing link.” during a BoI organised event geared towards the restoration of economic life of the people in the ravaged North East.
The fund he said is designed as a base for kickstarting local commerce within the ravaged region while addressing concerns of persons affected by conflict.
The BoI Kayode recaller has in the last four years provided assistance of about $2bn to over 7000 enterprises in the country,while creating job for over 2.7 million jobs.
Kayode notes further that the BOI has been involved in several poverty reduction initiatives.The Bank has been working with the Presidency on N-Power and Growth Enhancement and Empowerment programme which has seen lending of over N51 bn to over 2.3 million enterpreneurs.
He informed further that the bank has been involved in the economic rebuilding plan of the North East,through the North East rehabilitation fund.Through this initiative,the bank has committed over N4billion of its fund which is easily accessible,collateral free interest loans.
It would be noted that more than 2 million persons has been displaced,while creating massive humanitarian crisis.
At the root of these crisis,the Bank’s managing director pointd out two critical issues of unemployment,and rising poverty as a makor source of conce fuelling the crisis.
According to Kayode,”Unemployment is quite high in Nigeria at 23.1%,and the highest unemployment rate in the last 10 years. Roughly 21 million Nigerians are unemployed.This is the highest recorded in recent times”
Recall,the 2018 report by the World Poverty Clock notes that Nigeria has overtaken India as the poverty capital of the world. At 86.9 million,the number of people in extreme poverty is almost half of the nation’s population.
Peter Maurer,the President of of the International Committee of Red Cross,told the audience during a panel discussion that there is need for continuous capacity building that would ensure that people in the insurgency ravaged areas could grow towards recieving micro-credit,and growing their economic life.
He notes that the government and private sector alongside humanitarian agencies must work towards ensuring that people in fragile areas are enabled to start economic and general life without a dependent mentality.
Adam Saffer,the Managing director of Feed the Future Nigeria Agribusiness Investment Activity told the audience that stakeholders must continue to look for better economic module that seeks to solve the economic problems in the region wholistically.
He further called on stakeholders to find the right pattern to de-risk the humanitarian support for maximum results.
HARRISON EDEH, ABUJA
