The Managing Director of the Bank of Industry, BOI, Olukayode Pitan, has urged those intending to start Micro, Small and Medium Enterprises MSMEs to look for funds among family members, and friends instead of relying on bank loan only.
Pitan gave the advice during the ancillary meeting at the 25th Nigerian Economic Summit in Abuja on Tuesday.
The 2019 summit has as its theme: “Nigeria 2050 Shifting Gears”.
He said, “Character is credit. Those with good character can easily access funds from friends and relatives.
Pitan urged State and Federal Governments to establish more universities of technology to drive development.
He said the country must identify the kind of education that would gurantee accelerated development.
He said other developed countries like United States and India gave a lot of priority to technological education.
According to him, there is no doubt that investing in education is key in ensuring rapid growth and development.
The Deputy General Manager of Abuja Enterprises Agency, Mr Shehu Abdulkadir, also called for merger of MSMEs to be more productive.
Abdulkadir explained that merging of small businesses would address collapse of enterprises which often arise after few years of establishment.