The Bank of Industry (BOI) and Lagos Business School (LBS) Business Innovation Accelerator (BIA) program’s inaugural cohort recently graduated successfully, and the BOI has advised entrepreneurs to take advantage of the myriad chances and prospects the nation offers in order to prosper.
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 during the graduation dinner of Cohort 1 of the BOI-Lagos Business School Business Innovation Accelerator (BIA) program.
He stated that it was crucial to provide the necessary financial and business advising support services in a sustainable way to enable the growing number of young and creative entrepreneurs to succeed.
He clarified that the bank had approved the creation of an impartial Governing Council to guarantee good corporate governance and effective program management.
He claimed that the Governing Council had been given the authority to approve the hiring of the project management team, as well as the EDP/BIA programs, policies, and procedures, the corporate governance framework for the program, the funding disbursement in accordance with the program’s achievement milestones, and the maintenance of order and the peaceful resolution of disputes between parties in order to achieve the program’s goals.
“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 percent 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.
