BOI Earmarks N50bn for Genuine Food Processors

Business News

By Gilbert Ekugbe

“The portfolio we have in the food processing sector as at the last count was close to N50 billion that we have committed to food processing companies and believe you me, there is room for more. We want to do more and we are calling genuine manufacturers who are serious in processing food in any form, to please come to the BOI, we have partners who understand your business.”

These were the words of Olukayode Pitan, Managing Director, Bank of Industry (BOI) during the commissioning of Beloxxi Industries’ second phase expansion project and laying of foundation stone for its third phase expansion facility in Agbara, Ogun State.

The BOI boss represented by the Executive Director, Large Enterprises Division, BOI, Simon Aranonu, added that supporting food processors is key to developing the nation’s abundant raw materials and creating job opportunities for the nation’s teeming unemployed youths.

Aranonu said: “Anytime we import goods into the country, we are basically creating employment for people outside the country, so this country took a bold step to start manufacturing the product they used to import into the country. We have supported them in expanding their production capacity. We basically financed one major production line, because we know the benefit of producing locally. Boosting local production helps to save our foreign exchange and also helps us to develop our raw materials.”

In his words, “This company used to import biscuits into this country. Anytime we import goods, we are basically creating employment for people outside the country, so this country took a bold step to start manufacturing the product they used to import into the country. We have supported them in expanding their production capacity. We basically financed one major production line, because we know the benefit of producing locally.”

He added that the Development Finance Institution (DFI) is proud to be associated with Beloxxy, restating its commitment to support genuine Nigerian companies willing to produce locally to meet both local and foreign demands.

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