The Bank of Industry(BoI) has expressed its readiness to key-in into the Kaduna State Government’s five-year economic and investment development plan.
Governor of Kaduna State, Mallam Nasir el-Rufai, while unveiling a five-year N1.5 trillion economic blueprint anchored on effective exploitation and utilization of the state’s abundant natural resources, explained that the state government hopes to partner with the private sector to provide N800 billion out of the investment plan.
The acting managing director, Mr. Waheed Olagunju while speaking on the sidelines of the event, noted that if effectively implemented, the investment plan was capable of improving the business climate of the state with a view to enhancing the capacity of entrepreneurs to meet the bank’s risk acceptance criteria and ability to access credit facilities.
In particular, he said the bank would play an active role in the realization of the N800 billion investment portfolio the state seeks to galvanize from the private sector.
He noted, “If the blueprint is religiously followed through successfully in terms of implementation, they would have substantially de-risk the business environment in Kaduna. And by so doing they will ease the ability of entrepreneurs in Kaduna to meet the Bank of Industry’s risk acceptance criteria, thereby facilitating the access to Its loans.”
As part of the deals with the state, Olagunju suggested that payment for transaction between Kaduna-based manufacturers and the state government could be domiciled with the bank.
According to him, some of the state’s reform initiatives capable of galvanizing economic and business activities include provision of adequate infrastructure, prompt issuance of certificate of occupancy and provision of incentives for industrialists.
While urging all the states of the federation to emulate the kaduna state investment model, Olagunju explained that improving the internally generated revenue of the states would not only reduce reliance on revenue from the Federation Account, but also boost the nation’s quest for rapid industrialisation.
The State governor, Mallam Nasir el-Rufai while unveiling the five years economic and investment plan at the state capital, Kaduna, said the goal of the plan was to achieve inclusive economic growth and socio-economic transformation of the state that translates into substantial improvements in the quality of lives of Kaduna citizens through higher productivity and competitiveness.