FG targets improved infrastructure for industrial growth

BoI earmarks N50 bn for food processing
In a bid to build up on gains recorded under its Economic Recovery and
Growth Plan (ERGP ) and Ease of Doing Business initiative, the Federal
Government has committed itself towards improving infrastructure for
investments in the country to thrive .
According to the nation 's Vice President, Prof. Yemi Osinbajo, over $
66 billion worth of investments have been made in different parts of
the country, and such trend needs to be sustained for economic growth
and global competitiveness .
He stated that an important component of the ERGP is the provision of
critical infrastructure that will foster an enabling business
environment and make the country a progressively easier place to do
business.
Osinbajo made this known 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 .
Indeed, the Managing Director of Beloxxi Industries, Obi Ezuede had
decried the poor infrastructural facilities in the country, noting
that the state of the roads leading to the company is an eye sore.
Meanwhile, the Bank of Industry (BoI ) stated that it has set aside
about N 50 billion for genuine food processing companies in the
country , to save the huge foreign exchange the country spends yearly
on food imports while also achieving food security for the nation ' s
growing population .
BoI 's Managing Director , Olukayode Pitan, who was 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
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 .
"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.
"You can imagine the huge volume of foreign exchange the country will
be saving and this would help to stabilize the naira while also
creating job opportunities for the nation 's teeming unemployed youths
. This is how the economy can grow and this is how we can employ
Nigerians . We are very happy to be part of this event . To feed this
nation , we have to produce food and not just to cultivate but to also
process . The portfolio we have in that sector at the last count was
close to N 50 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. The Bank of Industry is set to
support genuine manufacturers who are processing food items to feed
the teeming population of Nigerians ," he assured .
The Managing Director, Beloxxi Industries, however commended BOI and
other finance partners for their tireless efforts in supporting local
production , saying this is the only way to achieve the federal
government' s economic diversification agenda .
"For us it is dream come true . We had a humble beginning from
importation of biscuits to commence manufacturing. The quality of
biscuits coming out of this factory is of quality standards and this
expansion would see the company dominating the biscuit industry while
also discouraging import of the commodity ," he said.