BoI to cluster SMEs across 40 sectors for easy funding

The Managing Director, BoI, Rasheed Olaoluwa

The Bank of Industry (BoI) says it is planning a cluster initiative for the Small and Medium Enterprises, SMEs across 40 sectors in order to aid ease of access to bankable loans for their businesses. Also, the bank wants 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, who disclosed this when he addressed entrepreneurs during the Tony Elumelu Entrepreneurship Programme (TEEP) boot camp, in Ota, Ogun State, said: “ With over 40 sectors already identified,  the bank is looking at developing an SME cluster initiative where specific funds will be directed for the growth of such sectors.

He, therefore, implored entrepreneurs to avail themselves of the services of the Business Development Service Providers (BDSPs) identified by the bank, to constantly update themselves of current trends in the global  market space and 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.

The Founder, TEF, Tony Elumelu, stated that 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 thisgroundbreaking 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.







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