The Bank of Industry (BOI) has revealed plans to provide business development support plans for the Small and Medium Enterprises (SMEs) in order to reduce the incidence of business failure which often leads to non-repayment of loans.
Speaking at a Senior Executive Course 36 of the Nigeria Institute of Policy and Strategic Studies (NIPSS) in Jos, the Managing Director of the bank, Mr Rasheed Olaoluwa, stressed that the business development support programme would assist in giving necessary direction to any entrepreneur with viable business plans as it would avert business failure responsible for non-repayment of loans.
“As a promoter, as an SME operator and as an entrepreneur, I will ask you only four questions and if you can answer the questions satisfactorily, you can be sure to get support from the BOI. First, what product are you offering, second, who are your target customers, thirdly what is your value proposition, that is what you are offering that is so appealing that people are going to buy it.
Fourthly, that value proposition, how are you going to deliver it? Believe me, if you can answer those questions correctly, BIO will support you.”
On the low level of loan performance in the banking sector,Olaoluwa called for the establishment commercial courts that would address the issue of loan defaults speedily , stressing that most banks in the country had gone down because of non- repayment of loans by their customers.
Speaking at a Senior Executive Course 36 of the Nigeria Institute of Policy and Strategic Studies (NIPSS) in Jos, the Managing Director of the bank, Mr Rasheed Olaoluwa, stressed that the business development support programme would assist in giving necessary direction to any entrepreneur with viable business plans as it would avert business failure responsible for non-repayment of loans.
“As a promoter, as an SME operator and as an entrepreneur, I will ask you only four questions and if you can answer the questions satisfactorily, you can be sure to get support from the BOI. First, what product are you offering, second, who are your target customers, thirdly what is your value proposition, that is what you are offering that is so appealing that people are going to buy it.
Fourthly, that value proposition, how are you going to deliver it? Believe me, if you can answer those questions correctly, BIO will support you.”
On the low level of loan performance in the banking sector,Olaoluwa called for the establishment commercial courts that would address the issue of loan defaults speedily , stressing that most banks in the country had gone down because of non- repayment of loans by their customers.
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