The Bank of Industry has engaged with the Federal Institute of Industrial Research (FIIRO), Oshodi, in response to the identified need to provide innovative interventions geared towards boosting the economy’s transformation from farming to developing small-scale enterprises, food processing and industrialised agro-industries.

According to Mr. Rasheed Olaoluwa, Managing Director/CEO, Bank of Industry Limited, during the courtesy to the Institute’s Oshodi office recently, this engagement had become necessary in order to boost the 6.8 percent contribution of the real sector to the nation’s GDP, through encouraging the development of localised solutions to the industrialisation gaps that had been identified.

Mr. Olaoluwa also noted that the mandates of both organisations had the same aim: enhancing economic development, and said that it would be to the benefit of all the stakeholders, especially SMEs in the area of agro-processing, if both organisations aligned their strategies to work effectively together. He then promised the Institute of the Bank’s support, especially in the area of promoting the low-cost technologies developed by the Institute, which can help SMEs compete favourably, through exhibitions and other avenues.

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