The Managing Director, Bank of Industry (BoI), Mr Rasheed Olaoluwa has identified poor patronage of locally produced goods for many ailing businesses in the country.
He said that entrepreneurship growth transcended procurement of machinery and plants, but depended on patronage of companies’ products.
Olaoluwa said that Nigerian entrepreneurs were not identifying the needs that constituted opportunities before producing goods, thereby leading to huge unsold stocks.
He made the observation in Lagos on Monday at the 2nd National Summit on Entrepreneurship and Innovation organised by African Centre for Business Development Strategy and Innovation.
Olaoluwa said that the Economic Commission for Africa had advocated commodity-based industrialisation for African countries.
He said that in aligning with the recommendation, the bank was concentrating on agro-processing to add value to agriculture, solid minerals and petrochemical sectors to boost the economy.
He said that the bank had sharpened its skills to actualise its mandate by identifying the dynamics of its various clients and thus positioned to meet their needs.
Olaoluwa said that the bank realised the need for diversity among the various MSMEs sub-sectors and had created about 35 clusters to meet their needs.
He pledged the bank’s continued commitment to upholding its development financing mandate to drive industrialisation growth in the country.