The Bank of Industry on Wednesday said it would provide more funds for industrialists as part of efforts aimed at diversifying the economy.
The Acting Managing Director, BoI, Mr. Waheed Olagunju, stated this at the China-Africa Trade, Investment Summit held in Abuja.
He underscored the significance of Nigeria’s trade relation with China, stressing that most of the bank’s successful customers were those leveraging on Chinese business model and technologies.
The summit, which brought together participants from both the private and public sectors, discussed prospects and challenges of the Nigeria-China business relation.
Olagunju, who spoke on the topic: ‘China-Nigeria: Leverage for national growth’, noted that there was the need to add value to some of the nation’s manufacturing products in order to address the trade imbalance between Nigeria and China.
Also speaking, the President, Manufacturers Association of Nigeria, Dr. Frank Jacobs, said as the country sought to improve its trade relations with China, efforts must be made by the present administration to come up with policies that would protect local industries.
He said the present status of trade relation between both nations, skewed in favour of China, should be addressed if Nigerians must derive maximum benefits from it.
Jacobs added, “The extent to which Nigeria can benefit from Chinese investment potential will depend on the mind-set of the government, and this includes its political will to mobilise and deplore resources toward the provision of a positive and friendly investment climate.
“Appropriate infrastructure must be in place to attract and encourage investment in key sectors of the economy, such as manufacturing, agriculture, solid minerals and technology development.”
He said appropriate fiscal and monetary policies such as attractive industrial incentives, adequate funding mechanisms and reasonable cost of funding should be formulated and implemented by the government.