Bank of Industry, the oldest and largest development financial institution in Nigeria has launched a tech hub in the populous city of Lagos. The launch is part of its Corporate Social Responsibility and was carried out in partnership with Vatebra, a leading ICT company in Africa. The tech hub is called Vatebra Tech Hub.
Since it became operational in 1959, BOI has remained the oldest development financial institution operating in Nigeria under the Federal Ministry of Industry, Trade, and Investment. The bank focuses on financing industrial projects in Nigeria’s key sectors like agro and food processing, manufacturing, petrochemicals, engineering and technology, solid minerals, etc. It also promotes youth entrepreneurship, women-owned businesses, and renewable energy projects.
This spurred its recent Corporate Social Responsibility project which aims to promote skill development, increase entrepreneurial opportunities for Nigerian youths, and create job opportunities in the field of technology.
The project and the day-to-day activities of the Ajah-based hub will be managed by Vatebra. It will run on its facilities like high internet service, shared and private office space, including a robotics lab to facilitate training in the hub.
The bank will also partner with other organizations to roll out a series of programmes that will help build and strengthen the capacities of entrepreneurs. These programmes will help in the ideating, incubating and launching of successful tech businesses. The innovation bore out of the programme will be funded by BOI and other financing institutions.
According to the Chief Executive Officer of the Bank of Industry, Mr. Pitan Kayode, the launch of the hub is in recognition of youth’s creativity and ingenuity in Nigeria. The programmes offered at the Vatebra Tech hub will help the youths channel their energies into a productive course. Pitan also revealed the BOI’s intention to sponsor the creation of tech hubs across Nigeria’s six geopolitical zones.
The hub is expected to become sustainable and generate revenues that will be reinvested into maintenance. Some robotic innovations built by Nigerian youths were displayed during the launch event.
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