The Bank of Industry has unveiled a new nationwide business model designed to boost the resilience, growth and long-term competitiveness of micro, small and medium enterprises across Nigeria.
The initiative, introduced at the Thrive Summit themed “Driving Growth Through Innovation and Financial Empowerment”, aims to tackle the barriers that prevent most small businesses from surviving beyond their first five years.
Speaking at the launch, the Divisional Head of Business Development at the Bank of Industry, Dr Obaro Osah, said the programme forms a core part of the bank’s 2025 to 2027 strategy, which seeks to expand non-financial services and replicate structured business support across all regions of the country.
Osah noted that MSMEs remain the engine of Nigeria’s economy, representing more than 96 per cent of all registered businesses, providing 84 per cent of national employment and contributing about 40 per cent to the country’s Gross Domestic Product.
The News Chronicle gathered that the new model is specifically designed to close the capability gaps that derail thousands of businesses every year. Data from the National Bureau of Statistics and the Small and Medium Enterprises Development Agency of Nigeria shows that 60 per cent of businesses do not survive past their first year, 40 per cent reach their third year and only 20 per cent remain active by the fifth year.
Osah identified the major causes of business failure ranging from weak management skills, limited market access and poor record keeping to high operating costs, low digital adoption, documentation challenges and limited financing options.
He added that the Bank of Industry intends to concentrate on the 20 per cent of enterprises that manage to survive beyond the five-year threshold, helping them scale into investment-ready and globally competitive ventures.
Also speaking at the event, the Chief Strategy and Development Officer at the Bank of Industry, Dr Isa Omagu, said the newly introduced Business Clinic would provide tailored advisory covering finance, taxation, digital solutions, inventory management, bookkeeping and other processes essential for growth and sustainability.
In his welcome remarks, the Executive Director of Corporate Finance, Sustainability and Investments, Rotimi Akinde, said the Business Clinic represents a shared commitment to building a more resilient business landscape.
According to him, the model will equip MSMEs with the tools and strategic guidance needed to scale efficiently, improve their operational structures, enhance their digital readiness and strengthen their ability to attract funding.
