‘Diaporans, young entrepreneurs’ investments can stimulate economy’
With the Federal Government contemplating international borrowings to complement the shortfall from crude oil earnings, the Acting Managing Director of Bank of Industry (BoI), Waheed Olagunju has advocated investments from Nigerians in diaspora and young entrepreneurs to get the nation out of recession.
According to him, young entrepreneurs will lead the recovery of the nation’s economy from recession, even as the federal government increases spending through various projects and intervention.
Olagunju in a chat with journalists in Lagos, yesterday at the opening of Live Well Bia Foods Outlet in Surulere, said improved investment will activate a quick recovery of the economy of the country that has been in a state of decline.
“Supporting young entrepreneurs through funding is necessary to improve the quality of life of many Nigerian youths who desire to be self reliant. “BoI will continue to support youths with innovative projects like this venture because he has not just created a job for himself but many others in the value chain.
“Visionary and talented youths with viable business plan would be supported by the bank to drive the industrialisation of the country.”This is a BoI supported project through Prinsult Consulting, one of the 200 Business Development Service Providers (BDSP) of the bank,” Olagunju said.
He said that the Graduate Entrepreneurship Fund (GEF) and the Youth Entrepreneurship Support Programme were some of the initiatives of the bank targeted at financing young entrepreneurs.
Olagunju urged parents to support their children in their quest for success in their entrepreneurial ventures. Managing Director, Bia Live Well Outlet, Fadesola Adedayo, said that passion, mentoring and finance were critical to budding entrepreneurs, adding that the business seeks to promote healthy living among Nigerians.
Chief Executive Officer, Prinsult Consulting, Mrs Raliat Oyetunde, said that BoI and Heritage Bank Small and Medium Enterprises supported programmes would take the country through its youths out of recession.
“It is in time of recession that new millionaires will emerge. This is an opportunity for the young ones between 18 and 35 to key into the various financing channels of the banks.
“The documentation and financing of this project was concluded with due diligence within six weeks which for me is a big feat.”We need more young entrepreneurs like Fadesola to take Nigeria to the next level because the outlet will be opened in 47 other locations across the country before the year ends.”
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