FG To SetUp An Entrepreneurship Bank-Prof. Yemi Osinbajo

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Vice President Yemi Osinbajo has revealed that in the next four years, the Federal Government would take a more active look at how to scale up its interventions, the reason for which the Federal Government is setting up an Entrepreneurship Bank which is one of the key ways by which it could directly finance entrepreneurship. At the moment, a lot of entrepreneurship activities are, according to him, built around the Central Bank of Nigeria (CBN) or the Bank of Industries (BOI) and several other banks. The VP said government needs to devote a whole financial institution to look at how to develop entrepreneurship and how to encourage small and medium size enterprises.

The Vice President made the statement at the National Youth Entrepreneurship Empowerment Summit held in recently in Abuja.

He added: “I understand that today, 10 of you will be walking away from this Summit with N1 million each, courtesy of the Federal Government of Nigeria and 12 months Personal Mentorship Programme courtesy of the Tony Elumelu Foundation. Another 10 will win 12 months Mentorship Programme (bringing the total to 20 mentorships).

“The truth is that a lot of these initiatives are not on scale. We have several initiatives and several thousands have benefitted but to make the kind of impact that we want to make we simply have to do something that can deal with hundreds of thousands of people as opposed to a few thousands. And that is the reason why in the next four years it is our intention to take a more active look at how to scale up the interventions of the Federal Government. This is why we are setting up an Entrepreneurship Bank which is one of the key ways by which we can directly finance entrepreneurship.”

Adding, “If you have what everyone is looking for you will succeed. What are people looking for? I will tell you three things that everybody is looking for.

“The first is: People love excellence, even if they themselves are not excellent or cannot produce excellent things, they want excellence. A well-crafted work; well-laid tiles, (if you lay tiles); well-tailored clothes, (if you are designer); straight lines in a building, if you are a builder, it entails spending time, bringing whatever you do to a level of excellence. Excellence is the difference between great success and the ordinary.

“Two: People want trustworthy individuals to do business with. Everybody wants to do business with a man or woman of integrity. So, ensure you can be trusted. A man or woman who you can entrust with money and who will not steal it or cheat you, those kinds of people are the long distance runners, they always make it to the end. Once you can be trusted you have opened the doors of great opportunities.

“Finally, people are in search of hardworking persons, people who make no excuses for late delivery, or non-performance. There is nothing more annoying than a person who is offering a service and is full of excuses for not delivering the job promptly.

If you have these three attributes, I guarantee you that money will run after you, for the world is in search of men and women of excellence, integrity and hard work.”

Furthermore, he applauded theTony Elumelu Foundation, Jimi Tewe Company, 2019 Presidential Inauguration Planning Committee, and the Secretary to the Government of the Federation for the very important initiative.


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