Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, has called on the Bank of Industry (BoI) and other Development Finance Institutions (DFIs) in Nigeria to provide adequate funding for emerging sectors of the economy. She made this appeal at the opening session of the fourth Annual General Assembly of the Association of Nigerian Development Finance Institutions (ANDFI), themed “Financing Emerging Sectors for Growth – Role of DFIs.”
In her address, Dr. Uzoka-Anite highlighted the critical importance of emerging sectors such as renewable energy, biotechnology, information technology, sustainable agriculture, and the cultural sector. She emphasized that these sectors represent the future of the global economy, offering substantial economic value while addressing pressing challenges such as climate change, infrastructure deficits, food security, and health—issues that the administration of President Bola Tinubu is actively tackling.
“These sectors are not only poised to generate sufficient economic value but also address some of the most pressing challenges of our time, including climate change, infrastructure, food security, and health, which the present government of President Bola Tinubu is confronting,” Uzoka-Anite stated. She acknowledged that these sectors often face unique challenges that can hinder their growth, such as high initial investment costs, long development timelines, and the inherent risks associated with pioneering new technologies and business models.
The minister noted that traditional financial institutions are often reluctant to invest in these emerging sectors due to these challenges. Citing data from the World Bank, she pointed out that Nigeria’s infrastructure deficits, amounting to nearly 30 percent of the Gross Domestic Product (GDP), fall significantly short of the international benchmark of 70 percent set by the World Bank. To address this shortfall, the World Bank projects that Nigeria will need to invest $3 trillion to reduce the infrastructure deficit.
Represented by the Chairman of the BoI Shareholders Committee, Mr. Mohammed Bala, Uzoka-Anite stressed that the funding intervention is attainable if DFIs have confidence in the economy and invest the necessary funds. She praised the role of DFIs in promoting economic development and social progress, urging them to continue providing financial support and fostering an enabling environment for the growth of emerging sectors.
“I am aware that we have had several development institutions in Nigeria, which are all seated here. These DFIs are uniquely positioned to address challenges and catalyze the growth of emerging sectors, with the mandate to promote economic development and social progress,” she said. “Over the years, you have played a crucial role in providing the necessary financial support and fostering an enabling environment for industries to grow, and equally providing financial services to sectors and projects that have contributed to the growth of the economy and promoted real sector activities in Nigeria.”
The minister called for close collaboration among all stakeholders, including the government, private sector, and development partners, particularly at the sub-national level, to harness the opportunities presented by emerging sectors. “Together, we can build a more prosperous, innovative, and resilient economy that will be the envy of other countries. A well-developed financial sector is crucial for attaining sustainable and balanced growth, as well as ease of doing business,” she concluded.
ANDFI Chairman and Managing Director of BoI, Dr. Olasupo Olusi, also underscored the significant role of DFIs in ensuring sustainable socio-economic development globally. He urged members of ANDFI to combine their expertise, resources, and networks to unlock transformative projects.
