FG urges BOI, other financial institutions to increase funding emerging sectors
The federal government has urged the Bank of Industry and other development finance institutions in Nigeria to provide adequate funding for emerging sectors of the economy.
The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, made the call during the 4th Annual General Assembly of the Association of Nigerian Development Finance Institutions (ANDFI) on Thursday in Abuja.
Ms Uzoka-Anite said the emerging sectors were key to unlocking the country’s economic growth potential. She identified some emerging sectors as renewable energy, biotechnology, information technology, sustainable agriculture, and culture.
According to her, emerging sectors represent the future of the global economy but need more funding to create the needed impact in Nigeria.
Ms Uzoka-Anite said that the World Bank has placed Nigeria’s infrastructure deficit at 30 per cent of its gross domestic product (GDP), which falls short of the bank’s international benchmark of 70 per cent.
The minister added that the bank had projected that Nigeria must invest three trillion dollars to reduce its infrastructure deficit. According to her, this is attainable if the DFIs in Nigeria have enough confidence in the economy to inject the necessary funds.
She acknowledged the institution’s role in fostering an enabling environment for industries and the economy to grow and urged stakeholders, particularly government, private sector, and development partners at the sub-national level, to collaborate closely to harness the opportunities presented by emerging sectors.
BOI managing director Olasupo Olusi also noted that DFIs significantly ensured sustainable socio-economic development globally.
Mr Olusi urged ANDFI members to collaborate by combining their expertise, resources, and network to unlock transformative projects.
In his keynote address, delivered virtually, Kevin Urama, chief economist and vice-president of the African Development Bank, described DFIs as critical to the continent’s development.
According to him, 10 out of the 20 fastest-growing economies in the world are from Africa.
(NAN)
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