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New SME gets banks’ financing

By Chijioke Nelson
08 August 2016   |   2:32 am
Heritage Bank Plc and the Bank of Industry (BoI) achieved a new feat in wealth creation and the curbing of unemployment among the youths, with the financing of the newly inaugurated Small and Medium Enterprise in Lagos.
 Waheed Olagunju

Waheed Olagunju

Heritage Bank Plc and the Bank of Industry (BoI) achieved a new feat in wealth creation and the curbing of unemployment among the youths, with the financing of the newly inaugurated Small and Medium Enterprise in Lagos.

The development, which both institutions said was part of their efforts to boost entrepreneurship in the country, will create employment and contribute to the recovery of the Nigerian economy.

Speaking at the opening of Live Well Bia Foods Outlet in Surulere, Lagos, the Managing Director of Heritage Bank Plc, Ifie  Sekibo, said that his institution and BoI’s Small and Medium Enterprises supported programmes would take the country through the challenging times.

Represented by the consultant  for the bank on Small and Medium  Enterprises (SMEs), Mrs. Raliat Oyetunde, who is also the Chief Executive of Prinsult Consulting, he said: “It is in time of recession that new millionaires emerge. This is an opportunity for young ones between the ages of 18 and 35 to key into the various financing channels provided by Heritage Bank and BoI.”

According to him, the documentation and financing of this project was concluded with due diligence within six weeks which is a big feat.

“We need more young entrepreneurs like the Managing Director of Live Well Bia Outlet, Fadesola Adedayo, to take Nigeria to the next level because the outlet will be opened in 47 other locations across the country before the year ends.”

He said that passion, mentorship and finance were critical to budding entrepreneurs.

The Acting Managing Director, BoI, Waheed Olagunju, affirmed that the support of BoI and Heritage Bank to further empower young entrepreneurs will lead to the recovery of the Nigerian economy.

Olagunju said that improved investment will activate a quick recovery of the economy of the country that has been in a state of decline.

According to him, supporting young entrepreneurs through funding is necessary to improve the quality of life of many Nigerian youths with desire to be self reliant.

“BoI will continue to support youth with innovative projects like this venture because he has not just created a job for himself but for many others in the value chain,” he said.

The bank chief explained that visionary and talented youths with viable business plans would be supported by the bank to drive industrialisation.