Connect with us

Business

BOI Plans To Increase Funding Support To Boost Mining

Published

9 years ago

on

The Acting Managing Director, Bank of Industry (BOI), Mr. Waheed Olagunju, has promised to increase funding support to boost the emerging mining industry, to promote mining activities in the country.
This is contained in a statement signed by Olagunju in Abuja.
He said that the bank had reached out to other financial institutions both at home and abroad to mobilise funding to promote mining activities in the country.
Olagunju said that the current efforts by the government, in collaboration with the private sector to come up with credible data on mining deposits, would help investors to make credible investment decisions.
He added that this would also aid donor agencies’ grant decision.
“We are aware that our government and the private sector are now collaborating to produce the data. Once the credible data is produced, we will be able to catalyse more investment resources into the country, particularly from abroad.
“ There are a lot of grants that are meant to support solid minerals development.
“Once there is a reliable financial institution, those donors will feel comfortable to make grant available. BoI is already well positioned to act in this regard.
“We are supporting real sector in a viable manner; we take our time to identify genuine entrepreneurs.
“ Our non performing loan ratio is 3.87 per cent, which is below the CBN ration of 5 per cent.
“Also, as at June this year, the collection from MSMEs was N2.97billion as against N2.19bn for last year. This shows that on a sustainable basis, our promoters are paying back.” Olagunju said.
He said that a lot of international financiers and investors were willing to operate in Nigeria in partnership with the Bank of Industry.
The BOI boss noted that the bank had been engaging its staff in capacity development programmes both at home and abroad to acquaint them with international best practices.
Olagunju said that some of the bank’s staff were already undergoing training programmes at the Industrial Development Corporation of South Africa.
On the viability of the development finance institution to mobilise funding support for the mining sector, Olagunju said that the bank had high credit rating.
Olagunju restated the commitment of the DFI to the development of commodity based industrialisation, adding that the country would only be able to derive maximised benefits from its verse natural resources when there was value addition.

Related Topics:
Continue Reading

Business

Kenyan Runners Dominate Berlin Marathons

Published

23 hours ago

on

September 22, 2025

By

Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

Continue Reading

Business

NIS Ends Decentralised Passport Production After 62 Years

Published

23 hours ago

on

September 22, 2025

By

The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
Continue Reading

Business

FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

Published

23 hours ago

on

September 22, 2025

By

The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
Continue Reading

Trending