Banking

BoI Pledges Smart Technology Support to Local Manufacturers

The Bank of Industry (BoI) has pledged support for the adoption of smart technology by local manufacturers in order to compete effectively with imported goods.
Making the commitment in Lagos on Tuesday, Managing Director of BoI, Mr. Rasheed Olaoluwa, disclosed that the development institution was collaborating with technology researchers across the country to further the use of smart technology to prune down cost of locally produced goods.
Speaking as guest of honour at the Stephen Oluwole Awokoya Foundation for Science Education (SOAFSE) 20th Annual Lecture, Awards of Honours and Post Graduate Scholarships, the BoI helmsman noted that the rest of the world was moving in the smart technology direction and Nigeria ought not to be left behind.
“The BoI has engaged with top research institutes like FIIRO, PRODA to link them to our industries. We may not be cutting edge but we have the basics;
if our hundreds of researchers are encouraged, we have a good base we can build on,” he said.
He stressed that no country will develop technology and give it away just like that rather Nigerian engineers, scientists and technologists must be protected and given the rights that come with their research results.
“A lot of developed countries are adopting smart manufacturing and robotics while most Nigerian manufacturers are using outdated equipment causing their products to cost more than imported ones.This is a challenge we need to address,” he said.
Olaoluwa congratulated the honourees: Engr J. J Akpieyi, Senator Daisy Danjuma and Dr. Adewunmi Desalu and charged the seven science post graduate scholarship recipients to use their opportunities to develop themselves as innovators who would put Nigeria on the world map of scientific innovation.
He noted that there was so much talk on resources whereas the emphasis ought to be on resourcefulness, using little to achieve much.
He noted that some of the learning points drawn from the life of Late Prof. Stephen Oluwole Awokoya were his creativity, innovation and resourcefulness for successfully initiating and seeing through the free basic universal education, which was an enduring legacy bestowed on Nigerians.
Earlier in his welcome remarks, Chairman of the Board of Trustees, Senator Olabiyi Durojaiye, stated that the common denominator for the award of scholarships by the foundation was a record of excellence in science, while the honours awards were predicated on impeccable achievements to others and the society.
“Prof. Awokoya, whom this foundation is in his name, inspired and positively touched the lives of many Nigerians hence the rationale for immortalising his memory by widening the intellectual capacity for leaders in the African horizon,” he said.
He noted that Nigeria was on a silent revolution towards industrialisation of which the Bank of Industry represented the engine room for the change, stressing that it was the same path that brought countries in Europe and America to their enviable economic positions today.

About the author

Ihesiulo Grace

Leave a Comment