The Bank of Industry (BoI) is planning to induct successful entrepreneurs under the Tony Elumelu Foundation (TEF) programme into its hall of fame, as it resolves to improve access to finance for small businesses through a cluster initiative, which targets over 40 sectors.
Rasheed Olaoluwa, managing director, BoI, said the move would grow young and aspiring entrepreneurs and improve their job and wealth creation in the economy.
According to Olaoluwa, the bank is in close collaboration with key stakeholders to ensure that successful entrepreneurs under the initiative are supported and recognised globally for their hard work and resilience.
With over 40 sectors already identified, he noted that the DFI was looking at developing an SME cluster initiative where specific funds would be directed for the growth of such sectors, adding that plans were underway to improve access to finance in the SME environment.
He then implored entrepreneurs to constantly update themselves on current trends in the global market space, urging them to understudy the dynamics of the economy and the world at large.
“Ideas that are generated today will not remain forever,” he said during the Tony Elumelu Entrepreneurship Programme (TEEP) boot camp, in Otta, Ogun State.
“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 said.
Tony Elumelu, founder, TEF, while explaining the essence of the boot camp, said it was designed to provide entrepreneurs with the knowledge and skills needed to begin and take their businesses from idea to reality.
The initiative is a holistic 10-year, $100 million commitment that will identify, grow and create 10,000 African entrepreneurs, he said.
