As part of efforts to create wealth and curb unemployment among youths in a very challenging economy like Nigeria, Bank of Industry (BoI) has strengthens its partnership with Heritage Bank Plc to boost entrepreneurship in the country through innovative ideas support and financing.
Speaking at the opening of Live Well Bia Foods Outlet in Surulere, Lagos, on Tuesday, Acting Managing Director, Bank of Industry, Mr. Waheed Olagunju, says young entrepreneurs will lead 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 youths with innovative projects like this venture because he has not just created a job for himself but many others in the value chain.
He noted that 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.
Chief Executive Officer, Prinsult Consult Limited, Mrs. Raliat Ibrahim 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”, she stated.
Her words: “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.”
Mr Fadesola Adedayo, Managing Director, Bia Live Well Outlet said that passion, mentoring and finance were critical to budding entrepreneurs.
Recall that Heritage Bank in partnership with the Centre for Values in Leadership (CVL) recently graduated 100 young entrepreneurs in the CVL Young Entrepreneurship Training Programme (YETP) in Ajegunle, Lagos.
The CVL is aimed at identifying young people, especially youths in densely populated communities and putting them through a full year of training in small business management.
These young entrepreneurs who have been trained in various skills such as catering, bead making, event management, fashion design, arts, hair dressing, shoe cobbling among others have also imbibed comprehensive business management and entrepreneurship skills that would equip them to be successful business owners.