Directs recapitalisation of Bank of IndustryPRESIDENT Goodluck Jonathan, yesterday, pledged to initiate a clear departure from what has become a poor budget implementation pattern in the country, by ensuring 100 per cent implementation of the 2012 budget, when passed by the National Assembly.Jonathan has also ordered the Federal Ministry of Finance, the Central Bank of Nigeria to work with the Minister of Trade and Investment to recapitalise the Bank of Industry (BoI) preparatory to repositioning it for greater impact on the productive sector.Speaking when he commissioned the new (BoI)'s building in Abuja yesterday, the President expressed joy that the bank had evolved into a strong, dynamic and flexible development finance institution over the last 10 years.He said: ' The progress made by the bank is a testimony of the fact that we can do so much together in building a great economy when we collectively act in the best interest of our country.'In the light of the concept and purpose of the project, I have the honour to commission today and in view of the diligent and timely completion of the project in the cost effective manner, I m persuaded of the can do spirit of the Nigerian and that we have all it takes to achieve the transformation of our dear nation.'I have already directed the Minister of Finance and the CBN Governor to work with the Minister of Trade and Investment to make sure that the BOI is fully capitalized. We have no choice than to do that if our vision and hope that Nigeria will be big globally by the year 2020 will be realised, we need the bank that will be so dedicated to fund the industrial sector especially agriculture.'It is on the basis of this belief that I have directed that from next year, our national budget must be fully implemented to enable us attain the objectives of inclusive growth and job creation within the framework of physical balance.'He added: 'I see this opportunity to turn the BOI to domestic and foreign development partners in the private and public sectors who have supported the institution to accomplish this successes, especially entrepreneurship and private sector development.'He pledged government's continued support to the bank, noting that it needs the support to enable it play the much desired role in of Nigeria.'We shall ensure that the bank's corporate governance practice, operational policies and procedures are in line with international best practice to enable it attain the top rating needed to mobilised the much needed financial and technical resources we need to fast tract the transformation of our industrial sector.'In this regard, we shall accelerate the recapitalization of BOI and open up its equity to development, focus foreign institutional investors who will maintain the bank developmental mandate which has become imperative since due to other competitive priorities particularly in social services that lacks the capacity to generate incomes, the government alone cannot meet the financial investment require of the bank.'In view of my administrations considerable emphasis on the development of agriculture and agri-businesses, Nigeria needs a robust BOI to support entrepreneurs in ensuring that agriculture value chain were embarked on the process of reinventing our agriculture and this requires integrated systems of production, farmers, processors and marketers working interdependent and backed by flexible financial services,' he said.According to him, 'the bank, as a development finance institution, has a fundamental role to play in this endeavour. My charge to the bank and indeed Nigerian financial system going forward is to lead the financing of the reindustrialisation of our country, not only for our economic development but in the light of the fact that globalisation has played big premium on manufacturing, especially the exportable kinds.'We must as a nation, respond to some of the major trends shipping the global competitive context and therefore the possibilities for our manufacturing.'Also speaking, the Minister of Trade and Investment, Olusegun Aganga, assured that his ministry would continue to do its part in facilitating the industrial sector.
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