The Bank of Industry has achieved outstanding financial results for 2023 including a strong leap in its profit from N70.7 billion to N153.81 billion—the highest in its history.
This was disclosed at the 64th Annual General Meeting in Abuja, as the Chairman of the Shareholders Committee also reported a remarkable 64.6% increase in the bank’s total assets.
It is now a yearly ritual, the Bank of Industry held its Annual General Meeting to review the past year’s financial performance. At its 64th assembly in Abuja, key financial stakeholders and major firms convened to assess the previous year and make projections for 2024.
In his annual report, Chairman of the Shareholders Committee, Muhammed Bala, highlighted the bank’s efforts to boost job creation.
He said the industry increased its disbursements to large, medium, small, and micro enterprises, providing over N496 billion in credit to 75,809 beneficiaries and These disbursements significantly impacted the socio-economic landscape, generating approximately 2,198,953 direct and indirect jobs nationwide.
His analysis covered key areas such as the global economy overview, Nigeria’s macroeconomic review, global financial performance, and the state of Nigeria’s manufacturing industry
Discussing the bank’s outlook for year 2024, the Chairman highlighted that, in accordance with President Tinubu’s Renewed Hope Agenda and the National Development Plan (2021-2025), the Bank of Industry will continue to execute its medium-term corporate strategy for 2022-2024.
The two-day event has set the stage for the industry’s future, emphasizing its commitment to leveraging financial resources to support Nigeria’s industrialization and economic transformation
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