MARKET DEVELOPMENT
Nigeria: BOI Advises Entrepreneurs to Take Advantage of Synergy With FIIRO
Nigeria: BOI Advises Entrepreneurs to Take Advantage of Synergy With FIIRO
23/10/2014 (AllAfrica.com) - The Bank of Industry (BoI) has said that some of its programmes were in alignment with those of the Federal Institute of Industrial Research FIIRO and advised entrepreneurs to take advantage of the opportunity they jointly provide, to secure technology and funds that would accelerate wealth and employment generation.
The Managing Director of the Development Finance Institution, Rasheed Olaoluwa, made the assertion in Lagos while publicly presenting two books published by FIIRO (Investment Opportunities for Job Creation and Available Raw Materials in 774 local Government Areas of Nigeria) at the just concluded FIIRO Investment and Technology week.
He noted that the books from FIIRO represented the summary of the research and development activities of the institute over the years, stressing that FIIRO has got a lot of industrial processing technology that were milestones in Nigeria's quest for industrialisation.
"Many of the technologies have been presented and as a matter of fact, some of them have been adopted by companies in Nigeria. One of such companies, Betamac Ltd, took his technology from here and he started out as a small company in the 1980's producing plantain chips using FIIRO's technology and today it is a multi-million naira business and the company has expanded into other products as well.
"This is just to show you that a lot of people are already leveraging on FIIRO's technology and BoI has actually financed some of the companies that are using these technologies and we are willing to finance more," he said.
He stated that people should actually leverage on the books, which were actually reader friendly to use in identifying opportunities available to business minded people in Nigeria.
"By the way, BoI launched the Cottage Agro Processing fund, now that product outlines 100 per cent with FIIRO's initiative in the sense that some of the technologies required to benefit under our fund can be obtained from FIIRO so it is a very good partnership," he said.
He explained that FIIRO is an old institution and what they have done was to document the outcomes of their research activities in the form of investment opportunities because over the years, they have developed over 50 technologies that can be used to process Nigeria's vast agricultural produce to various food products and even intermediate products for raw materials for industry.
"So for instance there is equipment here that you can use to process from cassava to garri, from cassava to high quality cassava flour, oil palm to palm-oil and so many others and these technology products are available in large quantities in all the 36 states of the country," he said.
In his remarks, the Chairman Governing Board of FIIRO, Dr. Alex Obi, explained that the institute wanted the investing public to know that FIIRO has the technology and was willing to transfer them to those who can commercialise them.
The Managing Director of the Development Finance Institution, Rasheed Olaoluwa, made the assertion in Lagos while publicly presenting two books published by FIIRO (Investment Opportunities for Job Creation and Available Raw Materials in 774 local Government Areas of Nigeria) at the just concluded FIIRO Investment and Technology week.
He noted that the books from FIIRO represented the summary of the research and development activities of the institute over the years, stressing that FIIRO has got a lot of industrial processing technology that were milestones in Nigeria's quest for industrialisation.
"Many of the technologies have been presented and as a matter of fact, some of them have been adopted by companies in Nigeria. One of such companies, Betamac Ltd, took his technology from here and he started out as a small company in the 1980's producing plantain chips using FIIRO's technology and today it is a multi-million naira business and the company has expanded into other products as well.
"This is just to show you that a lot of people are already leveraging on FIIRO's technology and BoI has actually financed some of the companies that are using these technologies and we are willing to finance more," he said.
He stated that people should actually leverage on the books, which were actually reader friendly to use in identifying opportunities available to business minded people in Nigeria.
"By the way, BoI launched the Cottage Agro Processing fund, now that product outlines 100 per cent with FIIRO's initiative in the sense that some of the technologies required to benefit under our fund can be obtained from FIIRO so it is a very good partnership," he said.
He explained that FIIRO is an old institution and what they have done was to document the outcomes of their research activities in the form of investment opportunities because over the years, they have developed over 50 technologies that can be used to process Nigeria's vast agricultural produce to various food products and even intermediate products for raw materials for industry.
"So for instance there is equipment here that you can use to process from cassava to garri, from cassava to high quality cassava flour, oil palm to palm-oil and so many others and these technology products are available in large quantities in all the 36 states of the country," he said.
In his remarks, the Chairman Governing Board of FIIRO, Dr. Alex Obi, explained that the institute wanted the investing public to know that FIIRO has the technology and was willing to transfer them to those who can commercialise them.