BoI restates commitment to nation’s economic growth

The Bank of Industry, BoI, yesterday said it would continue to work towards enriching economic activities among Nigerians to reduce poverty rate.

The bank’s Divisional Head ,SME-South, Mr Abdul-Ganiyu Mohammed, disclosed this during a quarterly Customers’ Networking Forum for the South West Region
held in Osogbo.

Mohammed said that the aim of the forum was to create a proactive path and direction for small business owners and entrepreneurs.

He noted that BoI, by its mandate, had been positioned to firmly entrench viable economic activities in the country for the purpose of strengthening the macro and micro economies, adding that the quarterly Customers’ Networking
Forum, remains a conscious drive on the part of the bank to grow and develop the real sector of the economy.

The pattern and quality of interactions among participants would proffer reliable solutions to array of challenges that are confronting investors and encouraged
participants to take advantage of the forum to improve on their business strategies.

One of the resource persons invited for the programme, Mr. Promise George, while delivering a paper titled ‘Macroeconomic and Sectoral Review: Implications
for Business’, explained that there was need for thorough review of Nigerian monetary and fiscal policy.

He explained that an unfavourable exchange rate would definitely provoke galloping inflation and by extension brings about high rate of unemployment, which drastically diminishes the Gross Domestic Product(GDP).

Mr Joy Akinlolu, who spoke on the topic ‘Thriving in the face of the Present Microeconomic challenges’ urged entrepreneurs to find out what their competitors were lacking and quickly make provision for it.

He explained that the satisfactory knowledge about the business strength of competitors would make it possible for an investor to increase the number
of his customers as well as profit margin without stress.