Kayode Pitan, the Managing Director of the Bank of Industry (BoI), has emphasized the need for creative and collaborative approaches to drive transformative changes in Nigeria. Speaking at the 3rd Annual General Assembly of the Association of Nigerian Development Finance Institutions (NDFIs), Pitan, who is also the Chairman of the association, highlighted the importance of innovative financing for developmental impact as Nigeria faces significant population growth and strives to achieve sustainable development goals.
Under the theme ‘Innovative Financing for Developmental Impact’, the event brought together stakeholders from the development finance sector to discuss and explore ways to address the country’s pressing challenges. Pitan stressed that Nigeria’s projected population growth, estimated to reach 400 million by 2050, demands novel financing models beyond traditional approaches to meet developmental goals effectively.
To achieve transformative development and bridge financial gaps, Pitan urged DFIs in Nigeria to adopt fresh ideas, creative methods, and collaborative efforts. He emphasized the role of DFIs as growth catalysts in the Nigerian economy and highlighted the need for specialized funding arrangements complemented by non-financial services to drive sustainable economic and social development.
Pitan stated, “By leveraging innovative financing mechanisms alongside traditional DFIs funding sources, we can unlock transformative projects and play a significant role in ensuring sustainable economic and social development.”
Moreover, he called for international cooperation and solidarity, where developed economies can support developing nations by providing resources, technology transfer, and capacity building. Multilateral institutions were also identified as critical in coordinating efforts, mobilizing resources, and ensuring the effective implementation of innovative financing mechanisms.
The Bank of Industry has been successful in raising funds from the international capital market, enabling it to provide necessary funding for transformative projects while embracing global best practices and innovative solutions.
In closing, Pitan advocated for the exchange of technical expertise between DFIs members and similar organizations worldwide. Prioritizing professional advancement and learning from best-in-class economies can deepen innovative financing approaches and bolster Nigeria’s efforts toward sustainable economic and social development.
The event showcased the commitment of the Association of Nigerian Development Finance Institutions to drive transformative changes, create impactful projects, and contribute to the nation’s development goals through innovative financing and collaborative efforts.
