After the inaugural cohort of the Bank of Industry (BOI) and Lagos Business School (LBS) Business Innovation Accelerator (BIA) program graduated, the bank advised businesses to take advantage of Nigeria’s many opportunities.
At the graduation dinner of Cohort 1 of the BOI-Lagos Business School Business Innovation Accelerator (BIA) program, BOI Managing Director Kayode Pitan stated that the strategic partnership between the two institutions was in capacity building and mentorship for entrepreneurs across Nigeria’s six geopolitical zones.
He added that to assist the growing number of young and active entrepreneurs, financial and business advising support services must be given sustainably.
The bank authorized an independent Governing Council to oversee corporate governance and program management.
He said the Governing Council had to approve the project management team, EDP/BIA programs, policies, and processes, the corporate governance framework, funds disbursement in line with program milestones, and discipline and conflict resolution to achieve program goals.
Entrepreneurship drives inclusive growth and development. MSMEs account for 50% of GDP and 90% of employment in Nigeria. Since they operate across sectors and segments, they contribute to inclusive and sustainable socio-economic progress.
“The BIA will build trainees’ capacity to effectively manage a business, empower them to write bankable business plans, encourage them to invest in education, enlighten them on the need to join business/professional associations, and foster the creation of an ecosystem that nurtures entrepreneurship by enabling knowledge sharing.
“At the Bank of Industry, we believe that inclusive growth and sustainable development in Nigeria cannot be achieved unless we deliberately and proactively address the challenges that prevent most of our entrepreneurs from reaching their full potential. Thus, we welcome strategic relationships with similar-minded universities like Lagos Business School.