President Muhammadu Buhari led the Bank of Industry (BoI) to an N2.3 trillion profit before tax, according to Aliyu Dikko, the bank’s board of directors chairman.
On the eve of the BoI’s 63rd annual general meeting in Abuja, Mr. Dikko made this statement.
“It has been fantastic. When we joined the company eight years ago, the bank’s total assets were N630 billion. It presently stands at around 2. 3 trillion. The BoI boss said, “So you can see that it has multiplied by more than three times. Therefore, the bank has performed quite well during the past eight years.
According to Mr. Dikko, the danger faced by micro, small, and medium-sized businesses (MSMEs) is that money might be lost quickly.
He claims that this makes it challenging for financial institutions to promptly grant loans to proprietors of small businesses.
The BoI chair stated, “What we are attempting to urge the government to do is form a firm that insures SMEs. Once we have that, the bank will be prepared to lend to SMEs because they are certain that whatever money they provide them is secure.
Regarding the bank’s predictions for 2023, the board chairman stated that weak economic development in Africa was anticipated owing to spillover effects from global environmental issues.
According to him, many African countries would likely look for bilateral and multilateral cooperation to manage the negative economic effects as the burden of debt payment increases.