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The Bank of Industry (BoI) stresses that Nigeria must increase its production capacity to achieve a $1 trillion economy by 2026.
Dr. Isa Omagu, Divisional Head of Services at BoI, made this statement at the Finance Correspondents Association of Nigeria (FICAN) annual workshop.
Omagu emphasized the need for monetary and fiscal policies to work together, highlighting production as a major challenge.
“We’re not producing enough and can’t expect a robust economy while consuming imported goods,” he said.
To address this, Omagu advocates for supporting the productive sector, particularly agriculture, infrastructure, and services. This will drive production, minimize importation, and reduce pressure on foreign exchange.
BoI is already supporting Small and Medium-Scale Enterprises (SMEs) through various initiatives, including:
– N200 billion integration fund
– N50 billion grant for rural SMEs
– N5 billion loan for SMEs at a single-digit rate
These efforts aim to boost employment, reduce import dependency, and increase non-oil foreign exchange earnings.
The FICAN conference brought together financial sector key players to discuss Nigeria’s economic future, the role of banks, and fintech opportunities for inclusive growth.
