BOI tasks entrepreneurs on innovative solution

The Bank of Industry (BOI) has tasked entrepreneurs to dare to dream beyond the horizon and build a legacy of entrepreneurship that inspires future generations and transforms Africa into a global economic powerhouse.

This call was made by the MD/CEO of Bank of Industry, Olukayode Pitan, at the Global Entrepreneurship Congress Africa (GEC+Africa) meeting organised by GEN Nigeria themed ‘Connecting Africa: Strides in the Nigeria Entrepreneurship Ecosystem’,  in Lagos. 

GEC+Africa is an influential initiative of GEN Africa that unites entrepreneurial communities across the continent. It aims to drive economic growth, empower innovators, and create a sustainable ecosystem for businesses in Africa.

Pitan, a keynote speaker at the event, said the African entrepreneurial landscape has experienced unprecedented growth in recent years because of the massive pool of diverse and talented young people, increased access to technology, expanding urban population and increased investors’ interest in the continent’s potential.

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“This has led to an upsurge in the number of start-up businesses established in strategic sectors such as agribusiness, fintech, renewable energy, e-commerce, health tech and so on.

According to the MD, Nigeria is leading the pack with the highest number of start-ups in Africa with $8.43 billion in funding, according to a 2023 report by Statista and Start-up Genome respectively. 

He said their success and impact have further bolstered arguments made about the importance and roles of entrepreneurship and innovation in the economic future of Africa, hence the need to replicate these track records in other parts of the continent.

Commenting on the results, Engr. Ayodele Abioye, the Managing Director, said: “BUA Foods Plc continues to deliver solid growth across key business metrics despite socioeconomic and political headwinds.

“Whilst the impact of foreign exchange loss in H1 has not been significant due to our supply chain hedging strategy, we anticipate a material effect in H2 which will be adequately provisioned for. However, our business resilience continues to assure impressive margin growth driven by increasing production capacity and capabilities.”