Africa Investment Forum: Bank of Industry’s Olukayode Pitan on agreements signed at the forum

The Bank of Industry (BOI) in Nigeria has made significant strides at the 2nd Africa Investment Forum in Johannesburg, signing agreements with four major banks to raise approximately 750 million euros. In an interview with CNBC Africa, the Managing Director and CEO of BOI, Olukayode Pitan, discussed the impact of the agreements and the bank's plans for the future. Pitan highlighted the bank's focus on supporting large corporates, SMEs, and medium-sized companies across various sectors in Nigeria. He emphasized the importance of empowering women-led businesses and small enterprises, acknowledging their vital contribution to the economy and job creation. The BOI's primary objective is to provide access to finance for businesses that use local raw materials, promote employment, and reduce dependency on foreign currencies. The bank supports sectors like manufacturing, mining, and the creative industry, aiming to help companies grow and thrive in the Nigerian market. Pitan mentioned that a significant portion of the raised funds would be allocated to large enterprises due to lower non-performing loan rates and specific covenant requirements for market borrowing. When asked about the support for small businesses, particularly women-owned enterprises, Pitan outlined the bank's initiatives to de-risk lending in that segment. With approximately 41 million SMEs in Nigeria, a substantial number being women-owned, the BOI is working closely with the government to provide capacity training, onboarding, and alternative financing options for this important demographic. Pitan emphasized the need for tailored financial products that cater to the unique needs of small businesses and underscored the bank's commitment to supporting their growth and development. The interview also delved into the topic of women empowerment and the bank's Gender Desk, established in 2007 to focus on lending to women entrepreneurs. Pitan shared success stories of women-led businesses that have thrived with BOI's support, highlighting the positive impact of financing women in terms of loan repayment rates and economic stability. He expressed optimism about the future of women-led businesses in Africa and hinted at the potential establishment of a women-focused bank in Nigeria. In conclusion, the Bank of Industry's participation in the Africa Investment Forum signifies a commitment to driving economic growth and empowerment in Nigeria. Through strategic partnerships and tailored financial solutions, the BOI aims to catalyze the growth of businesses, empower women entrepreneurs, and foster a thriving entrepreneurial ecosystem in the country. As the bank continues its mission to support SMEs and large corporates alike, its focus on inclusivity, innovation, and sustainable development remains steadfast.