Text of an address delivered by Nigerian President Goodluck E. Jonathan at the opening of the Corporate Headquarters of the Bank of Industry in Abuja, Nigeria, which coincided with a similar launch of the remodeled head office in the commercial capital of Lagos, on the occasion of the 10th Anniversary of the Bank on Thursday, December 22, 2011.
I am indeed delighted to be part of this event, the official opening of the office buildings of the Bank of Industry both in Abuja and in Lagos. I understand that this event is part of the activities marking the bank’s 10th anniversary celebrations.
Going by the earlier remarks of the Honourable Minister of Trade and Investment as well as that of the Managing Director / CEO of BOI, it is gratifying to note that the construction of this edifice in Abuja and the remodeling of the bank’s Head Office in Lagos were completed during this milestone year.
From all accounts, the bank’s leadership and its staff deserve to be congratulated for the impressive strides that have been recorded operationally. It is satisfying to note that the Bank of Industry has evolved into a strong, dynamic and flexible development finance institution over the last ten years. 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’s future.
In the light of the concept and purpose of the projects I have the honour to commission today and in view of the diligent and timely completion of the projects in a cost effective manner, I am persuaded of the “can do spirit” of the Nigerian and that we have all it takes to achieve the rapid transformation of our dear nation.
It is on the basis of this belief that I have directed that from next year, our national budgets must be fully implemented to enable us attain the objectives of inclusive growth and job creation within a framework of fiscal balance.
I seize this opportunity to thank the BOI’s domestic and foreign development partners in the private and public sectors who have supported the institution to accomplish these successes, especially in entrepreneurship and private sector development. The bank certainly earned your confidence to encourage you to rally round it to the benefit of its customers.
The Federal Government on its part will continue to give the BOI all the support it needs to play a pivotal role in the re-industrialization of Nigeria. We shall ensure that the bank’s corporate governance practices, operational policies and procedures are in line with international best practices to enable it attain the top ratings needed to mobilize the much needed financial and technical resources we need to fast track the transformation of our industrial sector.
In this regard, we shall accelerate the recapitalization of the BOI and open up its equity to development – focused foreign institutional investors who will maintain the bank’s developmental mandate. This has become imperative since, due to other competing priorities – particularly in social services that lack the capacity to generate income – the government alone cannot meet the financial investments requirements of the Bank.
In view of my administration’s considerable emphasis on the development of agriculture and agri-business, Nigeria needs a robust BOI to support entrepreneurs in the ensuing agriculture value chains. We have embarked on the process of re-inventing our agriculture and this requires integrated systems of production – farmers, processors and marketers working interdependently and backed by flexible financial services. These efforts are central in our Transformation Agenda as they provide a veritable path to employment creation and inclusive development. The bank as a development finance institution has a fundamental role to play in this endeavor.
My charge to the bank, and indeed the Nigerian financial system, going forward is to lead the financing of the reindustrialization of our country, not only for our economic development but also in the light of the fact that globalization has placed great premium on manufacturing, especially the exportable kind. We must, as a nation respond to some of the major trends shaping the global competitive context and therefore the possibilities for our manufacturing.
Once again, I congratulate the Management and staff of the BOI for the commitment, hard work and patriotism demonstrated these past ten years. I have great confidence in the ability of Nigerians to transform this country as exemplified by the team at the BOI.
For all of us, as a people, let us continue to be the building blocks of our country’s growth.
Distinguished ladies and gentlemen, it is now my pleasure to commission the Bank of Industry’s Corporate Office in Abuja and its remodeled Head Office building in Lagos to the glory of God and our dear nation.
Thank you and God bless Nigeria.