House of Reps to revitalise BoI, other DFIs —Dogara

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House of Representative, Speaker, Yakubu Dogara

In response to the latest development related to establishment of development finance by Central bank of Nigeria (CBN) and the role of Bank of industry (BoI) and Bank of Agriculture (BoA) in the dwindling efficiency of Development  Financial Institutions (DFIs) in the country, the House of Representatives has affirmed their processes to revitalise them (BoI & BoA) to serve as catalysts for development of Micro, Small and Medium Enterprises (MSMEs) and agro-based businesses.

Yakubu-Dogara Disclosing this while delivering a speech at a public hearing organised by the House of Representatives Adhoc Committee on investigation of activities of federally-owned DFIs,

Speaker said the House had resolved to use its legislative power to reposition the present DFIs to live up to their responsibilities of assisting development of middle-level manpower.

According to him, the DFIs are also to ensure that the MSMEs had access to cheaper and long term funds which hitherto could not be accessed through commercial banks.

Dogara said this became imperative because the DFIs, which were in vantage position to stimulate the economy and trigger wealth creation at this time Nigeria was dealing with a recession, had become weighed down by several challenges that had made them unable to deliver on their mandates

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