The Bank of Industry (BoI) has reiterated its commitment to enhance the production capacity of manufacturers through increased developmental financing of the real sector, to stimulate economic growth in the country.
The Acting Managing Director of the Bank, Mr Waheed Olagunju made the disclosure to newsmen on Thursday in Lagos.
He said the panaceas to the country’s present challenges were hinged on improved industrialisation of its economy.
“BoI would boost economic activities in the manufacturing sector through its lending channels to various clusters identified by the bank.”
He said the challenges confronting the country were occasioned by the drop in prices of commodities which had affected the nation’s economy.
He, however, noted that the bank usually considered the antecedents of a business and relevance of the sector in which the company was operating to the overall economic circumstance of the country before granting their loan applications.