The Bank of Industry (BoI) has been instructed to explain how it used the $300 million Access Fund meant for boosting local content. This directive came from Natasha Akpoti-Uduaghan, Chair of the Senate Committee on Local Content.

Bank of Industry | Secure Low Interest Loan and Business Support

VERIFIED: Nigerians can now earn US Dollars with premium domains just like Americans, acquire for as low as $1200 and you profit $19000 (₦23million). Click here to start.

On Wednesday, Arogbonlo Israel, Chief Press Secretary to the Senate Panel Chair, issued a statement that Akpoti-Uduaghan wants to know how the fund was used, especially in the oil and gas industry. This order was given during a meeting between her panel and officials from the Industrial Training Fund (ITF) and the BoI. The meeting aimed to share information about the workings of these agencies and to build capacity and collaboration. Moreover, the goal was to enhance cooperation between government bodies to maximize the impact on Nigerian beneficiaries.

Senator Akpoti-Uduaghan stressed the need for joint efforts to promote local content, particularly in the oil and gas sector, where $300 million is allocated for Nigerian access via the BoI. She sought updates on the activities, training programs, and performance reports of these agencies. She also requested details on how the fund was used and the number of Nigerians who benefited from it.

She noted the strong connection between local content and the BoI, mentioning that the committee had previously asked the BoI about the fund’s performance and available amounts for Nigerians. BoI representatives explained that while the agency is funded by private Nigerian funds, it is managed by the government, handling projects worth $617.7 million annually. They invited the Senator to engage with participants about the BoI’s activities and programs.

The BoI does not receive federal budget funds and has successfully attracted $5 billion from international banks over the past five years. Their programs include YES-P, GEEP, and iDICE. The Youth Entrepreneurship Support Programme (YES-P) addresses youth unemployment by building their business skills and funding their ideas. It aims to equip young people to start and manage their businesses.

The Government Enterprise and Empowerment Programme (GEEP), established by the Federal Government through the Office of the Vice President, provides financial assistance to market women, artisans, youth, farmers, and small businesses in Nigeria. The Innovative Development and Empowerment with Information Communication Technology (iDICE), funded by the African Development Bank, AFD, IsDB, and other private investors, aims to build the capacity of Nigerian youth (ages 15-35) in technology and creativity to increase employability, foster innovation, and support new entrepreneurs. These details were part of the statement issued by the Chief Press Secretary.