The Bank of Industry (BoI) has launched a comprehensive initiative to finance small and medium enterprises (SMEs) aimed at helping them realise their growth potential.
The bank’s Group Head, Strategy and Corporate Transformation, Yinka Adegboye, made this known during the First Emerging Entrepreneurs Conference, ”jointly organised by the United States Consulate in Lagos and Field of Skills and Dreams (FSD).
Adegboye listed the bank’s other initiatives geared towards youth empowerment in Nigeria to include Youth Entrepreneurship Scheme (YES), a N10 billion fund to provide funds for youths; a partnership with the National Youth Service Corps (NYSC) based on the Graduate Entrepreneurship Fund (GEF); a N2 billion intervention fund established in 2014.
He said the YES has already identified about 44 business clusters, adding that the partnership with the NYSC has been on for long and that BoI has over the years, developed a lot of products. “We have been disbursing to corps members who aspire to be entrepreneurs,” he said.
According to him, the Federal Government has also earmarked N140 billion from its 2016 and 2017 budgets of about N500 billion for special intervention programmes. He said the bank will manage and disburse the fund to about 1.6 million beneficiaries in the lowest segments of the pyramid, specifically market women, agricultural workers, artisans and youths.
Executive Director, Business Development, Diamond Bank, Mrs. Chizoma Okoli, said Diamond Bank offers SMEs increased flexibility in the funding available and will help boost business growth, create more quality jobs and increase innovation.
According to her, entrepreneurs have the potential to spur economic growth in their communities. She, however, regretted that many of them have difficulties accessing financing to launch or develop their businesses.
She stated that there were other ways to secure financing, including turning to other social formations, such as family units and money pools, which are provided without interest.
FSD’s Executive Director, Ms Omowale Ogunrinde, emphasised the importance of providing appropriate financing to medium-sized companies. She said this will increase their employment capacity and ensure stable growth.
She said many would-be entrepreneurs lacked the advanced technical knowledge needed to get ahead—either by cultivating new products or adding value to traditional raw products.
The US Consul-General in Lagos, Mr. John Bray, enjoined young Nigerian entrepreneurs to rededicate themselves to efficiently harnessing their entrepreneurial skills.
Bray said: ”I am pleased that FSD/VTE and the Consulate were able to identify so many aspiring entrepreneurs among Young African Leadership Initiative network members in Nigeria.
“I must let you all know that entrepreneurship can launch you on a path to change the world. Entrepreneurship can give you freedom to positively change your lives and that of your families.
“I cannot think of any better reason to start your own businesses,” he said.
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