US Consulate Partners BOI, BOA, Others to Train 102 Entrepreneurs

The United States Consulate in Nigeria has partnered the Bank of Industry (BOI) Bank of Agriculture (BOA) and Diamond Bank to organise a two-day training programme for 102 entrepreneurs in Lagos.

Speaking at the workshop on SME Financing organised by U.S. Consulate General, Lagos, for 102 emerging entrepreneurs in collaboration with a leading vocational and entrepreneurship training institute-the Field of Skills and Dreams (FSD), the Bank of Agriculture (BOA), Bank of Industry (BOI) and Diamond Bank, the Public Affairs Director, US Consulate Lagos, Darcy Zotter, said the training programme began in November 2016 and after the training they would be communicating with the young entrepreneurs to know their progress with these businesses.

She said the focus was to ensure that, four months after the programme, the entrepreneurs would communicate with the consulate regarding how their progress of their businesses, and the challenges they are faced with, then the consulate would connect them in touch with their mentors, depending on what their specific problems are.

Zotter added the goal was to help many of them become successful, noting that the public affairs department of the consulate doesn’t give out money for profit making businesses, but supports businesses through mentoring.

In his remarks, the Group Head of Strategy and Corporate Transformation Bank of Industry (BOI), Yinka Adegboye, said the BOI has been mentoring the candidates for long period, noting that their coming was aimed at providing some understanding for young entrepreneurs in terms of how they can access funds and partner with on how to grow their businesses.

Adegboye who reacted to the issue of poor communication by the entrepreneurs from BOI, said the requirements were clearly specified, adding the institution doesn’t have challenges with communicating entrepreneurs and every information about the BOI is on the institution website which everybody can access.

He explained that the institution provides working capital funds, adding that after funding the equipment they can provide the entrepreneurs with funds to buy their raw materials because it is required to kickstart business.

Adegboye added: “There is need for young entrepreneurs to build a culture of discipline. A lot of businesses don’t have discipline or integrity. We carry out training on how to develop business modules for young entrepreneurs. We have a partnership agreement with over 200 Small Medium Scale Enterprise (SMEs) consultants to train and help these entrepreneurs on how to develop their business modules.”

Also speaking at the event, the Zonal Manager Bank of Agriculture (BOA), Mrs. Folorunsho Idiat, said the bank is expecting to key into the initiative and find ways which BOA can empower them and allow them to access fund.

She explained that in accessing funds, youths should improve on packaging, because it is very important in accessing credit and character is also a key factor, adding that if entrepreneurs don’t have a good character they cannot access credit.

Idiat further noted that in accessing character at the BOA, there are individuals designated in handling such issue by examining the feasibility study of the entrepreneur, adding that after studying the feasibility the name of the entrepreneur is sent to the website to confirm the individuals’ true identity, in order to ensure that the individual is saying the truth.