BoI offers new funding opportunities for startups

The Bank of Industry (BoI) has unveiled new funding opportunities for tech startups with creative solutions to problems faced by Nigerians.

The Managing Director of the bank, Kayode Pitan, noted that start-ups and many others were leading the charge in shifting the nation’s economic narrative into a more positive trajectory, making them worth supporting.

He spoke at the first edition of the community engagement development workshop organised by the Arthur Mbanefo Digital Research Centre of the University of Lagos.

Pitan was quoted in a statement as saying that it was imperative that any economy aiming to thrive in the 21st century must support and have a thriving start-up ecosystem.

He said, “Their success and impact, in spite of the challenges they face, has further bolstered arguments made about the importance and roles of entrepreneurship and innovation in the economic future of Nigeria.

“It is commonly acknowledged that innovation is a key trigger for any economy that hopes to be competitive and achieve sustainable progress. Economies that desire to become innovative must also foster a culture of entrepreneurship, as there cannot be innovation without entrepreneurship.

“Unlike traditional enterprises, these high-growth enterprises or start-ups face enormous uncertainty as they seek to create their own business models that can be scalable, but by continuously experimenting, learning, and innovating, start-ups differentiate themselves from other traditional enterprises and became leaders in their respective markets.”

According to Pitan, BoI offers funding opportunities for startups to leverage capital through the Alitheia IDF, an initiative in which the bank is a key investor.

He said, “The Alitheia IDF fund is managed by Alitheia Capital and targets supporting innovative start-ups that are founded and managed by women.

“There is also the BoI NTec Fund, targeted at innovative start-ups in Nigeria, which is currently being managed by Verod Capital.”

He said BoI had developed a programme to establish technology incubators across the country, with seven currently in operation across various states.