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  • BoI donates high-tech equipment to NAFDAC

    BoI donates high-tech equipment to NAFDAC

    The National Agency for Food and Drug Administration and Control (NAFDAC)  has taken delivery of High Performance Liquid Chromatography (HPLC),an essential equipment  for pharmaceutical analyses.It will enhance performance and boost revenue.It was  donated by the Bank of Industry.

    At the inauguration at the NAFDAC Central Drug Control Laboratory, Lagos where it is installed, the Permanent Secretary, Ministry of Health, Mrs. Binta A. Bello, said the ministry acknowledged the donation because HPLC is an equipment amongst other devices required in NAFDAC laboratory and it is expensive.  ’’Given the limited subventions from the Federal Government, NAFDAC cannot purchase same among other teeming demands, not even  with the Federal Government’s proposed budget for health sector of N304 billion,’’she said.

    Before the donation, NAFDAC could not process high output of samples within minutes. But with the acquisition of the HPLC, it can now afford its laboratory analysts to handle various products, as much as 200, within 60 seconds.

    The Managing Director of BOI, Waheed Olagunju, said the bank decided to donate the equipment so as to assist members of Small and Medium Scale Enterprises (SMEs) because most of their products could not be registered nor exported because NAFDAC could not analyse them.

    “The various investments then get tied down not deliberately by NAFDAC but because it lacked the required tool to do so. HPLC is a very sensitive machine for pharmaceutical analyses. We are happy for this partnership. It is in the best interest of all- BOI, SMEs and NAFDAC and Nigeria. It is a good partnership,” said Olagunju.

    The NAFDAC Acting DG, Mrs Yetunde Oni, said the agency is committed to quality and timely releases of laboratory reports, hence its quest for top notch laboratories with adequate equipment and well trained staff to perform optimally at all times.

    Mrs Oni said the donation of the latest model of 1260 series of Agilent HPLC to NAFDAC will strengthen its regulatory operations.

    “NAFDAC has seven laboratories. Four have international accreditation. It will promote ease of doing business in Nigeria, thereby supporting the vision of President Muhammadu Buhari for a better Nigeria. This HPLC will avail our laboratory analysts the opportunity to work with user-friendly, high in-put, sensitive instrument with multiple detectors that can handle various product types like pharmaceuticals, cosmetics, veterinary and other regulated products. It will also equip our analysts to detect and pronounce on substandard and falsified medical products, as well as unwholesome foods in our collective efforts to protect public health,” she said.

    Mrs Oni assured that NAFDAC has obtained ISO/IEC 17025:2005 accreditation in 2015 after due assessment by ANAB Accreditation body from USA. “These certifications help to assure that analytical tests conducted in our laboratory are timely, reproducible and accurate thus fulfilling NAFDAC mandate of ensuring that only safe and right quality medicines are sold and used in the country,” she noted.

  • BoI collaborates with NAFDAC on new drug laboratory

    BoI collaborates with NAFDAC on new drug laboratory

    The Bank of Industry (Bol)  in collaboration with National Agency For Food, Drug Administration And Control (NAFDAC) inaugurated a new Agilent High Performance Liquid Chromatography (HPLC).

    At the inuguration of the facility in Lagos, during the week, the Acting Managing Director, Bol, Mr. Waheed Olagunju,  said the essence of the collaboration was to reduce time wasting and  enhance efficiency while carrying out sample tests for the products it regulates.

    He stated that with the machine, over 200 samples of different products would be tested within 24 hours as against five, which was the traditional practice.

    Olagunju pointed out that the turnaround time for the equipment is within 60 days, stressing that the laboratory equipment will enhance acceleration of the process of accessing loans from BoI.

    He said; “We have been supporting members of the Pharmaceutical Group of Manufacturers Association of Nigeria (PMG-MAN). This is the beginning of our long time collaboration with NAFDAC.

    “If you don’t have NAFDAC number, you can’t sell your product. Unless we are sure you will sell your product we will not approve loans for you. With this collaboration, NAFDAC would be saddled with the responsibility of recording those qualified to access loans. “‘

    NAFDAC Acting Managing Director Mrs. Yetunde Oni said the instrument would avail the agency and its laboratory analysts the opportunity to work with user-friendly, high output, sensitive instrument with multiple detectors that can handle various product types.

    She said this would enable NAFDAC to improve on the timelines of analysis of pharmaceuticals, cosmetics, veterinary and other regulated products.

    Oni said:  “It will also equip our analysts to detect substandard and falsified medical products as well as unwholesome foods in our collective efforts to protect public health. This collaboration  is the beginning of greater ties between both organisations to promote and encourage the ease of doing business in Nigeria.”

    According to her,  the central drug control laboratory  is one of the seventh laboratories the agency depended on to make pronouncement on the quality of regulated products, especially human and  herbal medicines, cosmetics and medical devices.

    She appealed for greater support  from key stakeholders in keeping the laboratory fully functional .

    The NAFDAC boss  also urged the supervising ministry  to post  nurses and physicians to work in the clinic.

    The Permanent Secretary, Federal Ministry of Health, Mrs Binta Bello,  in her remarks, employed  all stake holders to support NAFDAC in the  maintenance of the instrument.

    According to her, the instrument will enhance regular training and retraining of staffs on current analytical techniques in quality control and  quality assurance of medicines.

    Since these laboratory equipment’s operations are capital intensive and capital budget release is never adequate, Mrs. Bello urged them to explore opportunities to raise funds to sustain operation of the laboratories.

    Bello said government was delighted to be part of the success story in the  unveiling of the laboratory equipment ensuring that they signed the MoU on behalf of NAFDAC with Bol.

  • BoI to support youths with zero interest loans

    BoI to support youths with zero interest loans

    The Bank of Industry (BoI) has revised its interest rates for corps members under its Graduate Entrepreneurship Fund (GEF) programme, from nine per cent to zero per as part of measures to encourage entrepreneurship and aid business growth.

    Currently on the second edition, the GEF scheme is being implemented by BoI in partnership with the National Youth Service Corps (NYSC) Directorate. It has recorded over N262.9 million disbursements to 177 successful candidates.

    BoI said it decided to further encourage such young entrepreneurs by administering their loans at zero per cent interest charge effective from May 1, this year.

    Existing GEF loans and those to be disbursed from May will require repayment of only the principal amounts, while the 177 candidates that have been financed under the scheme will pay the loan interest that accrued up to April 30.

    As at March 31, 2017, the bank had approved N583.8 million for disbursements to entrepreneurs under the scheme.

    BoI said it was motivated by the larger part of the 177 candidates who have exhibited strong dedication to their businesses and have demonstrated unusual commitment to repayment of their loans including the nine per cent interest portion.

    With the first disbursements already creating impact in the agriculture value chain and creative industry, the bank added that N46.98 million is expected to be disbursed to the remaining 28 successful candidates who are in various stages of complying with the loan requirements.

    “The Bank of industry is highly delighted in the outcome of its investment in these young Nigerians. The bank firmly believes that entrepreneurship is a critical pathway to resolving the worrisome unemployment problem in the country.

    “Hence, the bank desires to ensure the businesses that have been created through the GEF programme remain sustainable with progressive migration from small businesses to medium and eventually to large enterprises,” a statement by BoI said.

    The statement added that the bank believes that that the gesture will further attract young Nigerians that are undergoing their one-year compulsory national youth service to embrace entrepreneurship by participating in the GEF programme.

    “It is pertinent to reiterate that the zero per cent interest charge on loans apply only to the GEF programme, which is implemented in partnership with NYSC Directorate”, the bank added.

  • BoI’s profit rises to N17 billion

    • Grows loan portfolio to N171b

    The Bank of Industry (BoI) has posted an operating profit before tax of N17 billion in 2016, 44 per cent increase, over the N11.9 billion recorded the year before a feat it described as unprecedented in the history of the bank.

    Its loans and advances also rose by 10 per cent to N171billion in 2016 from N156billion in 2015, followed by disbursements to Small and Medium Enterprises (SMEs) that similarly went up by 42 per cent within the same period to N8bn compared with N5.64billion in 2015.

    Also, the bank assured its shareholders of a very bright and positive financial year, noting that its financial operations in Q1 2017 have already showed the bank performed brilliantly and profitably as against Q1 2016.

    It stated that  the recent approval of its accounts by the Central Bank of Nigeria (CBN), clearly shows that 2017 will definitely be a profitable year for the bank.

    A review of the bank’s financial activities during the year showed that the quality of its risk assets also improved phenomenally with a reduction in the ratio of non-performing loans (NPL) to 3.72 per cent in 2016 from 5.87 in 2015.

    According to the bank, the feat was achieved in a year when the average ratio of non-performing loans in the nation’s banking industry rose sharply to 14 per cent which is beyond the CBN’s threshold of five per cent.

    Its Acting Managing Director , Waheed Olagunju attributed the growth to strong commitment, professionalism and strict adherence to global best practices by the bank’s dedicated management team and staff.

    He added that these achievements also culminated in BoI’s consistently high ratings by international and domestic rating agencies being upgraded and affirmed, describing it as the best in the bank’s history despite last year’s economic head winds.

    While Moody’s assigned BiI Aa1 in 2016 up from Ba3 of 2015, Agusto’s rating of AA- in 2016 was higher than A+ of 2015. AA+ assigned by Fitch in 2015 was affirmed in 2016.

    Acknowledging the Bank’s feat, the Institute of Chartered Accountants of Nigeria (ICAN) at its yearly dinner and awards conferred a merit award on the bank for its outstanding contributions to national development.

    Reacting to the awards presented to BOI, he said: “We are delighted that the country we serve and the various constituencies we serve continue to appreciate the bank’s contributions to development of Nigeria which is also coming from such a prestigious and reputable professional body, (ICAN). This will have a very positive effect on us as we are going to be challenged to do more for the development of Nigeria.”

  • BoI partners RUFIN on soft loans for MSMEs

    BoI partners RUFIN on soft loans for MSMEs

    The Bank of Industry (BoI), executor of MarketMoni, one of Federal Government’s social intervention programmes, has sealed a pact with the Rural Finance Institution Building Programme (RUFIN) to provide access to soft loans to 100,000 small businesses.

    RUFIN is an initiative of the Federal Ministry of Agriculture and Rural Development (FMARD).

    The deal was part of the Federal Government’s plans to stimulate the economy and deepen financial inclusion for the economically active rural poor.

    It also signals the commencement of events by BoI to reach 100,000 new beneficiaries of MarketMoni through RUFIN across Nigeria’s six geopolitical zones within the second quarter of the year.

    Under the scheme, accredited individuals will have access to quick, easy and interest-free loans of between N10,000 and N100,000 for up to six months at no other costs except a one-time five per cent administrative fee.

    BoI said it hoped to leverage the success of RUFIN’s financial empowerment efforts across 12 states  to reach its target the Government Enterprise Empowerment Programme (GEEP) market.

    Already, the first phase of the loan disbursements is ongoing across Katsina, Nasarawa, Zamfara, Edo, Oyo and Lagos states, driven by RUFIN-mentored microfinance banks (MFBs) and microfinance institutions (MFIs).

    “The participating MFBs and MFIs include BOWEN MFB Limited, Evbovbiorhon Community Farmers Savings and Loans Cooperatives Ltd (ECF), Rural People Development Initiative (RUPEDIN), Self–Reliance Economic Advancement Programme (SEAP) and Development Exchange Centre (DEC),” a statement from the bank said.

    BoI’s Acting Managing Director, BoI, Waheed Olagunju, confirmed that the partnership aligned with the bank’s objective of expanding access to credit for people running micro enterprises below the bottom of the pyramid, majority of which are women.

    He further acknowledged the pivotal role that credit facilities play in economic growth in Nigeria, saying: “BoI’s partnership with RUFIN is geared towards stimulating this process by reaching beneficiaries in rural areas across the federation and including them in Nigeria’s financial landscape.”

    RUFIN’s National Programme Coordinator, Olumuyiwa Azeez, said: “We are proud that our track record has earned us this opportunity to be a channel to reach out to thousands of micro entrepreneurs who hitherto never had opportunity of accessing fund to boost their businesses.”

    He said this was in line with the Minister of Agriculture and Rural Development, Chief Audu Ogbeh’s plan to get life back to the rural people.

    The MarketMoni programme targets 1.6 million beneficiaries in a year. This population consists of one million micro-enterprises of market traders (women and men); 260,000 artisans, 200,000 farmers and/or agriculture workers and 200,000 enterprising youths broadly.

    It is expected that beneficiaries of the scheme would go on to create at least one new job in their localities as a result of the intervention.

  • BoI targets women empowerment for growth

    BoI targets women empowerment for growth

    The Bank of Industry (BoI) has unveiled plans to equip women with requisite skills and knowledge to drive entrepreneurship growth in women.
    The bank noted that the move seeks to empower women entrepreneurs to achieve sustainable economic growth in the country.
    Its Acting Managing Director, Mr. Waheed Olagunju, quoting the World Bank asid Nigerian women account for about 42 per cent of the total labour force in the country, adding that the figure had reduced.
    He emphasised the need to promote women’s access to gainful employment, saying this could unleash a strong force for innovation, productivity and economic growth in the country.
    Olagunju pointed out the need to encourage more women entrepreneurs to create wealth and job opportunities for the unemployed youth.
    The Development Finance Institution (DFI) is one of the very few banks with a dedicated gender desk that supports women all across their various stages of business activities.
    Represented by the Executive Director, Financial Inclusion, Micro Enterprise Directorate, Mrs. Toyin Adeniji at an event to empower women, Olagunju said: ”We are using today’s celebration to encourage other women starting as small entrepreneurs, Micro Small and Medium Enterprises (MSMEs) and those that have grown very big to bring all of them together to share ideas among ourselves. Women have to be bold, they must have their dream and BoI is ready to support them.”
    Tagged: Be Bold for change,the forum gathered notable women who have dared to succeed, despite challenges in the economy to share experiences in their various journeys to success in the hope to empower women with tips required to fulfill their business aspirations.
    It is also to recognise the role that women have played in the empowerment of nations all across the world.
    “We want to recognise our friends, partners and women that have made marks in different sectors. We have a dedicated gender desk that helps women all across their various stages of their business. We are here to hold their hands and we are also here to help them think of their businesses as they go along. We are here to let them know that there is access to finance, markets, trainings and growth opportunities,” Olagunju said.

  • Nigeria, Israel seek stronger bilateral trade ties

    Worried about the low volume of trade between Nigeria and Israel, the Bank of Industry (BOI) and the Israeli government have entered into ‎a partnership agreement to seek ways to deepen and strengthen the bilateral trade relationship between both economies.

    The acting Managing Director, BOI, Mr. Waheed Olagunju during a courtesy visit by Israel’s ambassador to BOI, said the ‎partnership is apt, coming at a time when Nigeria is trying to improve and increase its agro processing capacity, urging domestic and foreign investors to take advantage of the opportunity to invest in the nation’s vast agricultural sector.

    According to ‎the acting Managing Director, BOI boss, the partnership would also cover areas of possible collaboration in the recently launched Economic Recovery and Growth Plan (ERGP) of the federal government, maintaining that there is a lot of money to be made by Isreali investors in Nigeria.

    “We believe if the Israeli business model is right, they can reap much more in the Nigerian economy because our vast natural and resource endowments,” he said.

    “There is no country as blessed as Nigeria in the world. The Bank of Industry (BOI) will be on ground to work with Israeli investors who wants to do business in Nigeria. Whoever wants to do business in Nigeria can always work with BOI and we will give them all our hands. We are on ground in Nigeria to hold the hands of both domestic and foreign investors who wants to do business in the country.”

    He said the Development Finance Institution (DFI) is looking forward to a very good time with its foreign and domestic development partners with Israeli investors  being one of the most outstanding.

    ‎”You are coming at the right time when the country is trying to ‎improve and increase its agro processing capacity because we have had bumper harvest last year and we are still going to have more in the coming years and if steps are not taken urgently to improve the agro processing industry, there could be post-harvest losses and this will serve as a disincentive to farmers.

    “So we are stepping up our agro processing capacity in the country to ensure that we preserve and add value to our agricultural produce while also preparing them for the export market as well,” he said.

    In his response, the Israel Ambassador ‎to Nigeria, Mr. Guy Feldman‎, said the Israeli government believes that there is much more both economies can do in terms of trade, stating that the partnership would identify areas on how to improve and strengthen bilateral trade agreements between Nigeria and Israel.

    ‎”Israel has ideas and innovations where Nigeria can tap from to drive any sector of the economy. The trade between the two countries is something which we have more with the smallest countries in Europe and other places and this shows that something is definitely wrong somewhere, because we believe Nigeria is a huge economy and we believe we can a whole lot more,” he said.

     

  • BoI to receive ICAN award for supporting MSMEs

    The Institute of Chartered Accountants of Nigeria (ICAN) has nominated the Bank of Industry (BoI) for this year’s edition of its merit award  slated for April 28 in Lagos.

    The nomination was in recognition of BoI’s outstanding contributions to the growth of businesses and the nation’s economy.

    The institute said the bank was being recognised in the corporate body category of its merit award.

    ICAN said having reviewed BoI’s activities in the last one year, it found that BoI has recorded remarkable improvements in supporting Micro, Small and Medium Enterprises (MSMEs) in line with one of the priorities of the Federal Government.

    The institute said, for instance, that a review of activities during the 2016 financial year showed that BoI’s loans approvals as at December 2016 rose by nine per cent to N150 billion, compared to N138.5 billion achieved in 2015.

    Indeed, disbursements to MSMEs also went up by 42 per cent within the same period to N8 billion, from N5.64 billion in 2015, while the bank’s wide ratio of non-performing loans (NPL) reduced to 3.87 per cent in 2016, from 5.75 per cent in 2015.

    Also, BoI’s operating Profit Before Tax (PBT) rose to N17.4b in 2016, from N11.95b in 2015, representing 46 per cent increase.

    “All these culminated in BoI’s ratings by international and domestic rating agencies being upgraded and affirmed throughout 2016.

    “While Moody’s assigned BoI Aa1 in 2016, up from Ba3 of 2015, Agusto’s rating of AA- in 2016 was higher than A+ of 2015. AA+ assigned by Fitch in 2015 was affirmed in February 2017”, the bank stated in a statement.

    In the last one year, BoI had taken bold steps to implement the economic programmes of the Federal and state governments in collaboration with domestic and foreign development partners.

    The bank noted that conscious efforts have continued to be made towards evolving a favourable ecosystem for SMEs in Nigeria and further deepen its credit delivery process and have it revitalised for speed and efficiency.

    These include expansion of the bank’s branch network, automation of its operations and equipping youths with relevant business skills in solid minerals, agro processing as well as cotton, textile and garmenting.

  • Why we financed ‘Isoken-the movie’ – By BoI

    Why we financed ‘Isoken-the movie’ – By BoI

    For a relatively new filmmaker to secure the Bank of Industry (BoI)’s loan to shoot a movie, her presentation must have struck the right chord. This is the story of Jadesola Osiberu, a young producer whose soon-to-be-released first feature film, ‘Isoken’, has stirred the bank up so much that they may open their doors to her again.

    Speaking at the media unveiling of the movie, Head of Creative Banking Group, Bank of Industry, Mrs. Cynthia Uche Nwuka noted that Osiberu was the first young filmmaker the bank was working with, adding that there was no regret even though the film is yet to be released.

    She said: “At BOI, we are very passionate about working with young filmmakers and Jade Osiberu was the first of such. With BOI buying into her passion and commitment to story-telling through film, we are happy with what we’ve seen today and equally proud to be affiliated with this project.”

    The cinemas have been abuzz with high budget Nigerian films since the bank made debut with the loan scheme called NollyFund. Among the films produced through the scheme so far include pan-African film, ‘The CEO’ by Kunle Afolayan; period movie, ‘Amina’ by Okey Ogunjiofor; ‘Ayamma’ by Emem Isong; comic flick, ‘Three Wise Men’ by Opa Williams and ‘Stella and Oba’ by Lasun Ray, currently shooting in Ilorin, Kwara State.

    Nwuka said the bank was proud to fill the gap that exists in the creative sector through NollyFund. For the producer of ‘Isoken’, she said: “The first gap was the financial need. She had the budget and she didn’t have enough funding. So, she needed to fill that gap and that was how BoI came in. The other part of it has to do with the story. To me, when we first heard of the title, we thought to ourselves, can we sell this through the cinemas? But after the first experience with Jade, I looked forward to seeing the actual production. But we saw the message. That message is what I want you to see, in order to actually confirm what I saw the day she presented it to me.”

    Thus, a bit of the movie was screened to the media, receiving great applause.

    Starring Dakore Akande, Funke Akindele, Bolanle Olukanni, Joseph Benjamin, Tina Mba, Damilola Attoh, Lydia Forson and Patrick Doyle among others, ‘Isoken’ takes the audience on a romantic and hilarious journey, as it explores cultural expectations, racial stereotypes and bonds that unite families.

    Written, produced and directed by Jadesola, ‘Isoken’ is coming on the heels of the success of popular television and web drama series, ‘Gidi Up’, created by Jadesola.

    Also commenting on the movie, billed to be released on June 16, 2017, former Managing Director, Daily Times Nigeria, and the executive producer of the movie, Dr. Yemi Ogunbiyi, said “The Nigerian film industry is growing and the growth is even more evident in the works put out by young filmmakers like Jade, who is passionate and has remained focused. So it was important to give her all the necessary support.”

    As the former head of Ndani TV, Jadesola, Harvard Business School alumnus nurtured productions like ‘The Juice’, ‘Skinny Girl in Transit’, ‘Rumours Has It’ and ‘Gidi Up’, Ndani TV’s original series that secured a nomination in the Africa Magic Viewers’ Choice Awards (AMVCAs) in 2015.

    Speaking on her character, Dakore said, “’Isoken’ is not just a movie, it’s the story of our lives as a people of culture and norm, but ultimately, in this movie, ‘Isoken’ has to decide for herself and follow her heart – no matter where it takes her”.

  • Austen-Peters lauds BoI, as new Terra Kulture theatre opens

    Austen-Peters lauds BoI, as new Terra Kulture theatre opens

    IT was a memorable day for the art and entertainment industry, last Sunday, when lawyer-turned arts entrepreneur, Bolanle Austen-Peters unveiled the new Terra Kulture theatre, called the Arena.

    The unveiling of the purpose-built 400 state-of-the-art theatre which was supported by the Bank of Industry’s scheme for the creative non-oil sector, played host to politicians, corporate Nigeria, artistes and entertainment promoters in a potpourri of exciting shows that hint of what to expect of the Arena, going forward.

    Guests at the two-show event include, Minister of Information and Culture, Alhaji Lai Mohammed, Lagos State Commissioner for Information and Strategy, Mr. Steve Ayorinde, Prof. Pat Utomi, Atedo Peterside, Femi Gbajabiamila, Olu Jacob and Joke Silva, Prof. Ademola Abass, Mrs. Cynthia Nwuka, Group Head, Creative Industry Desk at BoI, Tade Ogidan, Mahmood Ali-Balogun, AMAA Founder, Peace Anyiam-Osigwe, Yinka Davies, Jahman Anikulapo, Teju Kareem, Kunle Afolayan and evicted Big Brother Naija housemate, Tony Offiong among others.

    Speaking to journalists at the event, Austen-Peters recalled that she delved in theatre business 15 years ago, and was inspired to take it to the next level by beating infrastructure challenges of stage, lighting, sound etc, as a way of extending the Terra Kulture space to accommodate the theatre Arena.

    “To showcase talent, you have to deal with the right infrastructures, otherwise we’ll keep saying our people are not talented, but in reality they are. So, it was important for us to increase our space so we can do it at the best level,” she said.

    She noted that the Arena has brought more jobs for the youths, saying that, “For each production, we have over a hundred people. We have cast, the light guys, the sound guys, costume people are about 15, we have three sets; the dancers, the artistes and the technicians.”

    The Terra Kulture boss praised Bank of Industry for their support of her projects. “When we went to London with ‘Waka-The Musical’, they sponsored us, and then when we wanted a loan facility as well, they gave it to us. They have an incredible team of professionals. They keep to the letter. And operate in a very friendly atmosphere. I do admire them, very professional efficient.”

    On why the bank is supporting arts and entertainment, Mr. Waheed Olagunju, Acting managing Director of Bank of Industry, said his institution is created to support any potentially viable initiative that would contribute to Nigeria’s GDP. “In 2013, the creative economy accounted for 1.6 percent of our GDP which is a vindication of Bank of Industry’s optimism in terms of the potentials of Nigeria and Nigerians in the creative economy. And that was why we set up the creative economic desk some 10 years ago to support our talents, our artistes to realise their potentials, and then of course to be able to convert their talents into good business models and then, hopefully, coming up with potentially viable business plans that we can support – ones that can attract both debt and equity. We play in the debt space as a lending institution and we’ve lent to a number of them in recent times and they’ve done quite well.”

    Olagunju expressed optimism that “Terra Kulture would also do well because this initiative is one of the best in the world; not just in Nigeria or Africa. Because we watched her grow in Nigeria, we have also seen her perform on the international scene.”

    He recalled that Bolanle Austen-Peters Production, Waka-The Musical was successful the last time it was taken to London. “And we believe that she can do a lot more in the global space, and through her activities, she is helping to build positive image for Nigeria, which is a prerequisite for building confidence of domestic and foreign investors in Nigeria,” he said.

    Continuing, the BoL boss noted that Austen-Peters is also helping to mobilise foreign direct investments into Nigeria. “Because it is when investors have a positive perception of the market that they will venture to go into the market. When it’s negative, they would not. But through her activities, she is helping to enhance Nigeria’s image abroad. Which, like I said earlier, is a prerequisite for building confidence. Investors will come, not only into the creative economy but other sectors of the Nigerian economy because through her performances, she is able to tell a lot of positive stories about Nigeria, the people of the country, the culture and in the process she is also exposing other potentials of Nigeria. This is very crucial for taking investment decisions.”

    Anchored by IK Osakioduwa, the show opened with performances by Lagos Modern Orchestra, led by the in-house music director, Seun Owoaje.

    Guests were also treated to sense from Saro – The Musical, Wakaa – The Musical, a South African performance as well as skits from the London events. Popular Afro singer, Brymo who did some of the theme songs for the plays performed his hit song, “Waka Waka” to thunderous applause at the show.

    The Arena promises regular weekend and festive stage productions, with the behind-the-scene lifestyle of late Fela Anikulapo-Kuti, titled Fela and the Kalakuta Girls, billed for December.