The Bank of Industry, BoI, has unveiled a business clinic model aimed at diagnosing, treating, and rehabilitating Micro, Small, and Medium Enterprises MSMEs, to ensure long-term growth and sustainability. The announcement was made at the bank’s Thrive Summit in Lagos on Tuesday, themed: “Driving Growth through Innovation and Financial Empowerment.”
Dr. Obaro Osah, BoI’s Divisional Head of Business Development, explained that traditional banking often treats businesses as mere account management relationships. The new business clinic model, he said, reimagines the bank as a specialised “teaching hospital” for SMEs, diagnosing structural weaknesses before providing financial support.
“Financial distress is often a symptom; the disease lies in operations, strategy, or governance,” Osah said. He highlighted recurring challenges facing MSMEs, including restricted cash flow, poor operational structures, inadequate packaging, limited market access, and weak management.
The clinic employs a structured approach, including screening businesses by maturity stage, evaluating cash flow, and assessing market competitiveness. Based on these assessments, BoI provides advanced diagnostics, prescriptions, surgical interventions, and rehabilitation where necessary. “Prescription without diagnosis is malpractice, and the Thrive Summit ensures we treat root causes, not just symptoms,” Osah added.
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Dr. Isa Omagu, Chief Strategy and Development Officer at BoI, emphasized that MSMEs need more than finance to succeed. They require advisory services, capacity building, governance, digital readiness, and market access. The business clinic, part of BoI’s 2025-2027 Corporate Strategy, aims to provide holistic support, making SMEs more competitive, bankable, and sustainable.
Other BoI officials, including Mrs. Eniola Akinsete and Mr. Rotimi Akinde, highlighted the importance of adopting Environmental, Social, and Governance principles and using the clinic as a platform for practical knowledge sharing. Discussions at the summit focused on branding, marketing, financial management, human resources, raising capital, and technology adoption.
By combining financial and non-financial interventions, the BoI business clinic seeks to empower Nigerian MSMEs, fostering a resilient and sustainable entrepreneurial ecosystem.
