BoI says young entrepreneurs will lead economic recovery

Acting Managing Director of Bank of Industry BoI, Mr Waheed Olagunju, says young entrepreneurs will lead the recovery of the Nigerian economy. Olagunju said this at the opening of Live Well Bia Foods Outlet, an eatery and a BoI supported project, on Tuesday in Surulere, Lagos.

According to him, improved investment will activate quick recovery of the economy of the country which has been in a state of decline. “Supporting young entrepreneurs through funding is necessary to improving 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.

“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. Mr Fadesola Adedayo, the Managing Director of the outlet, said that passion, mentoring and finance were critical to budding entrepreneurs. Mrs Raliat Oyetunde, the Chief Executive Officer, Prinsult Consulting, said that BoI and Heritage Bank Small and Medium Enterprises supported programmes would take the country’s 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 years to key into the various financing channels of banks.

“The documentation and financing of this project was concluded with due diligence within six weeks, which for me is a big feat. 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 end of the year.”