Investment: UNIDO partners Oyo for industrial development

United Nations Industrial Development Organisation (UNIDO) is collaborating with Oyo State Government to achieve an inclusive and sustainable industrial development.

The Oyo State Governor, Isiaq Abiola Ajimobi, revealed this in Ibadan on the occasion of the official commissioning of the Bank of Industry’s West Regional and Oyo State offices.

He unveiled the administration’s plans to review the industrial policy of the state.

Ajimobi said that the national economy has, for many years, predicated on weak and volatile pillar held by the oil and gas, despite the abundance of other natural resources such as cocoa, cotton, cereals and solid minerals.

He said that the industrial sector was yet to take full advantage of value addition, inter and intra-sectoral linkages.

Also speaking, the Managing Director of the Bank of Industry, Mr. Rasheed Olaoluwa, disclosed that the bank has provided loans in excess of N10 billion to over 80 companies and micro enterprises in Oyo State as at the end of March, this year, as part of the bank’s efforts to promote industrialisation in the state.

He said that the bank has recorded a total loan approval of N375million in respect of 68 enterprises, out of which a total of N225 million was disbursed to 35 enterprises.