BOI – BANK OF INDUSTRY OR BANK OF INDOLENCE?

Often times I have put my reputation on the line in my industrialization campaign. Against the general belief that the federal government is not interested in helping the nation out of un-employment quagmire. I blamed my audience for lack of knowledge and information. From my close relatives to the online community. While majority laugh off my stance, I usually challenge them to prove me wrong. The Bank of Industry (BOI), National Economic Reconstruction Fund (NERFUND), and National Directorate of Employment (NDE) are a few of the bodies I have placed my bets on.
For a few months now, my faith in the federal government and many of their impotent bodies have been shaking and presently on the verge of crippling.

An experience with a typical Nigerian who determined to succeed against all odds shows how much the average Nigerian yearns and tasks for financial freedom. Having placed so much faith in the Bank of Industries, his hope was set on high. He understood the policies of BOI and he met their terms and conditions.

He was setting up a vegetable oil processing factory and he had purchased some machineries and equipment from China. Due to financial constraints, he couldn’t start production and he sought the help of the Bank of Industries. His application for loan was processed at the zonal office of the Bank of Industries at Akure and thereafter sent to Lagos office for final approval having being certified to have met all necessary conditions.

Alas, the Apex office decided to pull the plug, the loan was not approved simply because Groundnut is traditionally grown in the north. He was asked to setup his factory in the war torn northern part of Nigeria.

How many manufacturing or food processing factories operate with Nigerian made machinery and equipment? Can’t groundnut be transported easily from the north to the south west? How many of the vegetable oil processing factories in Ondo State get raw materials in Ondo State. Are the existing factories not doing fine? Where did they get the report that says groundnut is not grown in the south west?

The excuse usually given by Bank of Industry is ridiculous. A friend’s application for a loan facility for the expansion of a Garri Production Factory was rejected by BOI and the vain words of the BOI personnel was “How can you request a loan to produce Garri that my grandmother is producing in the village”
This frustration must stop. “The Bank of Indolence (BOI)” must turn a new leaf or cease to exist.

newken: BOI – BANK OF INDUSTRY OR BANK OF INDOLENCE?

Often times I have put my reputation on the line in my industrialization campaign. Against the general belief that the federal government is not interested in helping the nation out of un-employment quagmire. I blamed my audience for lack of knowledge and information. From my close relatives to the online community. While majority laugh off my stance, I usually challenge them to prove me wrong. The Bank of Industry (BOI), National Economic Reconstruction Fund (NERFUND), and National Directorate of Employment (NDE) are a few of the bodies I have placed my bets on.
For a few months now, my faith in the federal government and many of their impotent bodies have been shaking and presently on the verge of crippling.

An experience with a typical Nigerian who determined to succeed against all odds shows how much the average Nigerian yearns and tasks for financial freedom. Having placed so much faith in the Bank of Industries, his hope was set on high. He understood the policies of BOI and he met their terms and conditions.

He was setting up a vegetable oil processing factory and he had purchased some machineries and equipment from China. Due to financial constraints, he couldn’t start production and he sought the help of the Bank of Industries. His application for loan was processed at the zonal office of the Bank of Industries at Akure and thereafter sent to Lagos office for final approval having being certified to have met all necessary conditions.

Alas, the Apex office decided to pull the plug, the loan was not approved simply because Groundnut is traditionally grown in the north. He was asked to setup his factory in the war torn northern part of Nigeria.

How many manufacturing or food processing factories operate with Nigerian made machinery and equipment? Can’t groundnut be transported easily from the north to the south west? How many of the vegetable oil processing factories in Ondo State get raw materials in Ondo State. Are the existing factories not doing fine? Where did they get the report that says groundnut is not grown in the south west?

The excuse usually given by Bank of Industry is ridiculous. A friend’s application for a loan facility for the expansion of a Garri Production Factory was rejected by BOI and the vain words of the BOI personnel was “How can you request a loan to produce Garri that my grandmother is producing in the village”
This frustration must stop. “The Bank of Indolence (BOI)” must turn a new leaf or cease to exist.

Dear OP, I work with the Bank of Industry. Although, I don't have details of what you just complained about, I will like you to send me a mail with the details so that I can revert to you with the true position.

I would like to reiterate that BOI investment decisions are based squarely on projects value addition, positive socio-economic impact and these decisions are based on very robust and sound judgements. NOT sentiments. These virtues have over the past years earned BOI international recognition and accolades.

Please, do send me an email on omadu@boinigeria.com.

Kind regards.

I understand your position and need to speak for BOI. However, i still believe your performance is below par. The Bank of Industry i may say has done more harm than good because all you do is extend the gap between the poor and the rich.

Please publish the conditions attached to getting a loan from BOI here and let the whole world see and judge you. we can be sure of your renowned reputation thereafter depending on the judgment of nairalanders.

We have the Bank of Industry and all we see in Nigeria is De-industrialization. you expect a collateral security worth of 30 Million to fund a 15 Million naira project, Why should i come for a loan if my asset is worth 30 Million Naira. What loan package is available for fresh graduates? How do you help the poor with zero bank balance to start a brilliant business idea?

What kind of raw material is needed for Medical/Industrial Oxygen Production? as much as i know, Air, the raw material is available free. but your staffs believe otherwise. A loan application to set up an Oxygen Production Business was not granted. One of your staffs complained that the existing factory at Osun State funded by BOI was unable to continue operation due to lack of Raw material therefore the loan application is unlikely to be granted. can you please tell me how the raw material [Air] that is abundantly available for free became scarce?

Please to start with, publish the conditions needed for a loan facility and let us access your efforts towards industrialization.

@omadu... Please come and save yourself!

Its such a shame to see the high level of frustration startup entrepreneurs with bright ideas go through in securing a loan that's if they are granted. You won't believe that some requires as low as 3 million or even less to start up a cottage industry, but its almost impossible to access these funds.

Bank of industry and other agencies saddled with the responsibility of industrializing Nigeria should make loans easily accessible so as to reduce the number of unemployed in the Nigerian society.

In the north for instance where tomatoes is grown in abundance, there are people who needs loans to set up cottage industry producing tinned tomatoes. Many other examples exists. Let transperancy and accountability be our collective watch word. Else we are far from development.