BoI reiterates support for small businesses

Besides, the bank unveiled plans to induct successful entrepreneurs under the Tony Elumelu Foundation (TEF) ‎ programme into its hall of fame in a bid to encourage entrepreneurship.

The Managing Director, BoI, Rasheed Olaoluwa, while speaking during the Tony Elumelu Entrepreneurship Programme (TEEP) boot camp, in Ota, Ogun State, explained that the move by the Development Finance Institution (DFI) will encourage more young and aspiring entrepreneurs to grow their businesses thereby aiding improved job and wealth creation in the nation.

Olaoluwa stressed that the bank is in close collaboration with key stakeholders to ensure that successful entrepreneurs under the initiative are supported and recognised globally for their hardwork and resilience.

With over 40 sectors already identified, Olaoluwa noted that the DFI is looking at developing an SME cluster initiative where specific funds will be directed for the growth of such sectors, adding that plans are underway to improve access to finance in the SME environment.

He then implored entrepreneurs to constantly update themselves of current trends in the global ‎market space, urging them to understudy the dynamics of the economy and the world at large.

“Ideas that are generated today will not remain forever. Please be watchful and monitor the environment in terms of the ever-changing needs and wants of consumers to whom you will be offering your services. As the world continues to change, you must follow the trend to become successful entrepreneurs”, he added.

Olaoluwa urged the entrepreneurs to avail themselves of the services of the Business Development Service Providers (BDSPs) identified by the bank in order to aid ease of access to bankable loans for their businesses.

The Founder, TEF, Tony Elumelu, while explaining the essence of the boot camp, was designed to provide entrepreneurs with the knowledge and skills needed to begin and take their businesses ‎from idea to reality.

He said the initiative is a holistic 10-year, $100 million commitment that will identify, grow and create 10.000 African entrepreneurs,

“A programme built by Africans, for Africans. As the first class of 1,000, your experience with us these last several months and in the months and years to follow will help shape the future of this groundbreaking programme,” he said.

According to him, the 1000 entrepreneurs under the TEF programme were selected from more than 20,000 applicants from 52 African countries, stating that his team, Accenture and ‎a world-class selection committee of experts carefully chose the entrepreneurs.