Bank Of Industry To Create 1 Million Jobs By End Of The Year

The Bank of Industry in Nigeria is targeting the creation of one million jobs by the end of 2016 and 10 million jobs over the next three years.

Chief Executive Officer of the Bank, Waheed Olagunju, made the projection at the bank’s Annual General Meeting held on Monday.

Mr Olagunji said the projection was part of the banks incremental efforts on the previous financial years achievements aimed at reducing unemployment in Nigeria to a single digit in the near future.

The company accounts were certified authentic and balanced by independent auditors, Deloitte and a dividend of 1.194 billion was declared for shareholders, a feat the Chief Executive Officer said would be built upon until Nigeria’s unemployment reduction target was met.

The Bank of Industry said it created nearly 400,000 jobs in 2015 through its 83.5 billion Naira loan disbursement to over 700 enterprises with 5.7 billion Naira going to Micro Small and Medium Enterprises.

It was the 56th Annual General Meeting of the Bank of Industry Limited held to receive the accounts of the company for the 2015 financial year, elect directors, declare a dividend and appoint auditors.

The Permanent Secretary of the Ministry of Industry Trade and Investment, who represented the Minister, Aminu Bisalla, commended the bank for its monumental achievement in supporting the economy through growth of businesses while pointing them towards the tasks ahead.

The global economic challenges of 2015 and the pressure on the business environment notwithstanding, the Bank of Industry declared a net income of 47.2 billion Naira with a profit after tax of 44.6 billion Naira while its total operating income rose from 27.1 billion Naira in the previous year to 70.7 billion Naira.