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BoI to support TEF entrepreneurs

By on July 18, 2015

The Bank of Industry has unveiled plans to induct successful entrepreneurs under the Tony Elumelu Foundation programme into its Hall of Fame, according to a statement from the company.

The statement quoted the Managing Director, BoI, Mr. Rasheed Olaoluwa, as saying this while speaking during the Tony Elumelu Entrepreneurship Programme boot camp, in Ota, Ogun State.

It added that the move by the Development Finance Institution would encourage more young and aspiring entrepreneurs to grow their businesses, improve job and wealth creation in the country.

Olaoluwa said the bank was working in collaboration with key stakeholders to ensure that successful entrepreneurs under the initiative were supported and recognised globally for their hard work and resilience.

He said, in a bid to ensure that financial support to entrepreneurs yielded desired results, the BoI had initiated a cluster initiative targeting over 40 sectors to improve small businesses’ access to finance.

He added that specific funds will be directed for the growth of such sectors.

He implored entrepreneurs to constantly update themselves with the current issues in the global ýmarket by studying the dynamics of the economy and the world at large.

He said, “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. Take advantage of the services of Business Development Service Providers identified by the bank so you can have easy access to bankable loans.”

The Founder, TEF, Mr. Tony Elumelu, said that the boot camp was designed to provide entrepreneurs with the knowledge and skills needed to begin and take their businesses ýfrom idea to reality.

He said the initiative was a holistic 10-year, $100m (N2.4bn) commitment that would identify, grow and create 10,000 African entrepreneurs.

He said, “As the first class of 1,000 your experience with us these several months and in the months and years to follow will help to shape the future of this groundbreaking programme,”

Elumelu said the 1,000 entrepreneurs under the TEF programme were selected from more than 20,000 applicants from 52 African countries, stating that his team, Accenture, and ýa world-class selection committee of experts carefully chose the entrepreneurs.

 

 

[Punch]