Senate Calls for Bank of Industry to Account for $300 Million Access Fund

Senate Demands BoI Explain $300 Million Access Fund Utilization

The Chairman of the Senate Committee on Local Content, Natasha Akpoti-Uduaghan, has directed the Bank of Industry (BoI) to account for the use of the $300 million Access Fund aimed at boosting local content, particularly in the oil and gas sector.

Akpoti-Uduaghan issued this directive during a meeting with officials from the Industrial Training Fund (ITF) and the BoI. According to a statement from Arogbonlo Israel, the Chief Press Secretary to the Senate Panel Chairman, the meeting aimed to enhance collaboration and capacity building between the Senate panel and these agencies.

During the session, Senator Akpoti-Uduaghan emphasized the need for transparency and detailed reports on the fund’s utilization, including the number of Nigerian beneficiaries. She highlighted the critical role of joint efforts in promoting local content and noted previous inquiries made by her committee regarding the fund's performance and availability.

BoI representatives clarified their operations, noting that they manage Nigerian funds sourced from the private sector, with an annual project portfolio of $617.7 million. They revealed their success in securing $5 billion from international banks over the past five years and outlined key programs such as YES-P, GEEP, and iDICE aimed at addressing youth unemployment, empowering small businesses, and fostering innovation among Nigerian youth.

The BoI team also discussed their outreach initiatives, including visits to NYSC camps to educate corps members about the GEEP program and promised to invite Senator Akpoti-Uduaghan to future YES-P events. They stated that the BoI does not receive federal budget allocations.

Senator Akpoti-Uduaghan also addressed issues with the Students Industrial Work Experience Scheme (SIWES), expressing dissatisfaction with the stipend amounts and urging for better acceptance of students by organizations.

In another development, Akpoti-Uduaghan has partnered with the Corporate Affairs Commission (CAC) to register 2,500 SMEs in her constituency. This initiative aims to promote economic growth, with the registration cost covered by Akpoti-Uduaghan amounting to N27.5 million. The partnership was formalized during a meeting with CAC officials, who praised the move as enhancing the ease of doing business in Nigeria.

This partnership aligns with the CAC’s mandate under the Companies and Allied Matters Act (CAMA) 2020 and demonstrates a commitment to supporting local enterprises.