BoI Boss Tasks Entrepreneurs on Innovative Solutions

The Chief Executive Officer of Bank of Industry (BoI), Olukayode Pitan, has tasked entrepreneurs to dare to dream beyond the horizon and build legacies of entrepreneurship that could inspire future generations and transform Africa into a global economic powerhouse.

This call was made at the Global Entrepreneurship Congress Africa (GEC+Africa) meeting organised by GEN Nigeria with the theme: ‘Connecting Africa: Strides in the Nigeria Entrepreneurship Ecosystem’, held in Lagos recently.

GEC+Africa is an influential initiative of GEN Africa that unites entrepreneurial communities across the continent, with the aim 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.

According to him, “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, and health tech among others. These businesses have consistently devised innovative solutions to some of the continent’s most pressing developmental challenges.

 “When I look at the activities in the African start-up ecosystem, I am filled with pride that Nigerian start-up businesses are leading the charge in shifting the continent’s economic narrative into a more positive trajectory.

“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. 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.”

However, he highlighted challenges facing the entrepreneurial landscape in Nigeria including limited access to finance, regulatory constraints, scaling up beyond their local market, inadequate infrastructure and lack of mentorship and support structures.

To achieve this, Pitan revealed that there is an urgent need to remove the bureaucratic barriers that make it difficult for businesses to operate across borders, and create a legal and regulatory framework that encourages entrepreneurship.

Speaking at the GEC+Africa event scheduled to be held in Cape Town, South Africa, on March 14, 2024, the Managing Director of GEC+Africa, Mahlatse Tolamo, said there was the need to have an original focused congress aimed at strengthening the Africa entrepreneurship   She said: The event will bring together 1,500 delegates, and over 30 ministers of trade and investments, to discuss issues around entrepreneurship and trade in Africa and create opportunities for startups within 46 African countries to network while investors and corporate organisations will have access to these SMEs.”

Weighing in on the matter, the Managing Director, GEN Nigeria, Dr. Olawale Anifowose, said GEC+Africa Lead Up event would serve as a dynamic platform that showcases the finest elements of successful entrepreneurial ecosystems on the continent. “It aims to foster collaboration, knowledge sharing, and networking opportunities, as well as propelling African entrepreneurs to new heights of success,” he stated.