Following the successful graduation of the first cohort of the Bank of Industry (BOI) and Lagos Business School (LBS) Business Innovation Accelerator (BIA) programme, the bank has urged entrepreneurs to leverage the numerous opportunities and prospects in the country to thrive.
Speaking at the graduation dinner of Cohort 1 of the BOI -Lagos Business School Business Innovation Accelerator (BIA) programme, the Managing Director of BOI, Kayode Pitan, stated that the strategic partnership between the two institutions was in the areas of capacity building and mentorship for entrepreneurs across the six geo-political zones of Nigeria.
He noted that with the increasing population of young and dynamic entrepreneurs, it was imperative that the required financial and business advisory support services are provided in a sustainable manner to enable them to thrive.
He explained that the bank approved an independent Governing Council to ensure corporate governance and proper management of the programme.
According to him, the Governing Council were mandated to approve recruitment of the project management team; approve the EDP/BIA programmes, policies and processes, approve the programme’s corporate governance framework, approve the funds disbursement in line with the programme achievement milestones and ensure discipline and conflict resolution between parties to achieve the objectives of the programme.
“Entrepreneurship is the lifeblood of any economy, and a catalyst for inclusive growth and development. In Nigeria today, MSMEs contribute an estimated 50% to national Gross Domestic Product (GDP) and about 90 per cent to employment. They play a major role in delivering socio-economic growth that is more inclusive and sustainable, as they operate across various segments and economic sectors.
“The BIA will build the capacity of trainees on how to effectively manage a business, empower them on how to put together bankable business plans, encourage them to invest in education, enlighten them on the need to be members of business/professional associations and also foster the creation of an ecosystem that nurtures entrepreneurship, by enabling knowledge sharing opportunities.
“At the Bank of Industry, we believe that there can be no inclusive growth and sustainable development in Nigeria if we do not deliberately and proactively ensure that existing challenges that hold back a majority of our entrepreneurs from reaching their full potential are addressed. Therefore, we are always excited in developing strategic partnerships with like-minded institutions, such as Lagos Business School”, he added.
