The Bank of Industry (BOI) has reiterated its commitment to bolstering local manufacturers, enterprises, and investors with the necessary resources to drive substantial industrial growth and economic development in Nigeria. Dr. Olasupo Olusi, Managing Director/CEO of BOI, emphasized this during a tour of the Tolaram Group’s facilities in the Lagos Free Zone (LFZ).
Olusi commended Tolaram Group for its significant economic impact, highlighting BOI’s pivotal role in supporting Tolaram’s expansive industrial initiatives. He expressed pride in BOI’s association with Tolaram, noting the success of the Lagos Free Zone facilities and the Lekki deep seaport as examples of effective industrial development and job creation.
“The Tolaram story in Nigeria is fantastic, and I am very happy that the Bank of Industry has been part of that journey. It shows our commitment and impact in the industrial sector. It convinces me that it is indeed possible to achieve great industrial feats in Nigeria,” Olusi stated.
Tolaram Group’s Achievements and Partnership with BOI
Haresh Aswani, Managing Director of Tolaram Africa, expressed gratitude for BOI’s longstanding partnership, which has significantly contributed to the company’s industrial growth and the country’s economic infrastructure development. Aswani emphasized the need for continued industrial development and highlighted solutions such as building more industries and creating employment.
Adesuwa Ladoja, Managing Director/CEO of Lagos Free Zone (LFZ), stressed the importance of securing proper funding to realize LFZ’s vision of becoming a premier infrastructure space in Nigeria and Africa. She underscored BOI’s crucial role in the zone’s development from inception, making it an attractive destination for investors and manufacturers.
Future Plans and Continued Support
Dinesh Rathi, Group Finance Director of Tolaram, highlighted the partnership’s role in meeting the company’s manufacturing ambitions and developing the special economic zone. He noted that Tolaram has significantly expanded its operations over the past two decades, with 25 manufacturing plants and substantial job creation, including 22,000 direct and over 100,000 indirect jobs.
Rathi stated that Tolaram has a clear roadmap for the next five to ten years to further its industrial footprint by expanding its manufacturing and economic zone operations to produce quality products for consumers. BOI’s continued financial support is crucial to achieving these plans.
This collaboration between BOI and Tolaram Group exemplifies the potential for successful industrial growth and economic development in Nigeria, demonstrating the importance of strategic partnerships and resource allocation in achieving these goals
