The Bank of Industry (BoI) has entered a partnership with the Lagos State Government through the Lagos Safety Commission (LSC) to bolster workplace safety standards among Micro, Small, and Medium Enterprises (MSMEs) in the region.
This collaboration was formalized through a Memorandum of Understanding (MoU) known as the “Safety-First Initiative,” signed during the third Lagos State Occupational Safety and Health Conference held on Tuesday in Lagos.
Under the theme “Occupational Safety and Health as a Catalyst for Nation Building,” the conference concluded with a definitive plan for enhancing safety measures.
At the event, Dr. Olasupo Olusi, Managing Director of BoI, emphasized that the bank, in partnership with LSC, is sponsoring the Safety-First Initiative, which prioritizes workplace safety and occupational health in the loan application process.
Dr. Olusi highlighted that inadequate safety measures worldwide remain a significant risk for workers, with annual injury and health hazard rates ranging from 10% to 30% among industrial employees. Conversely, companies that adhere to robust occupational health and safety protocols typically see a productivity increase of 20% to 40%.
He pointed out that unsafe practices diminish business viability, jeopardize credit portfolios, and contribute to nonperforming assets, underscoring the importance of integrating finance with safety.
“By incorporating safety into our financing criteria, we are sending a clear message: businesses committed to protecting their workers will be prioritized for support from BoI,” he stated.
“This initiative represents a joint commitment to prioritize worker protection in enterprise development, enhance MSME resilience, and uphold the long-term stability of our financial system,” he added.
Dr. Olusi also noted that President Bola Tinubu’s Renewed Hope Agenda offers Nigeria a unique opportunity to foster safer, healthier, and more productive workplaces. He expressed confidence that Nigeria could emerge as a regional leader in implementing Environmental, Social, and Governance-driven safety practices across all sectors, including high-risk industries and MSMEs.
He advocated for the integration of global standards, technology, and accountability to create workplaces that are safe, competitive, and resilient. “Governments must advocate for strong policies and enhance enforcement frameworks, while incentivizing compliance through fiscal measures and recognition programs. Employers should view safety as an investment in productivity and employee well-being rather than a mere expense. Employees must also accept responsibility by adhering to safety policies and procedures,” he urged.
Dr. Olusi called on development partners, experts, and Development Finance Institutions to equip enterprises with the necessary tools, training, and financing to support occupational safety and workforce well-being.
Mr. Lanre Mojola, Director-General of the Lagos State Safety Commission, noted that safety initiatives align with the governor’s THEMES agenda. He affirmed the state’s ongoing commitment to implementing safety protocols across various sectors, including traffic management, security, and social inclusion.
Mojola emphasized the commission’s dedication to ensuring the safety of Lagos State residents, from secure commutes to safe environments for families and children in schools. He also mentioned ongoing transformational initiatives, such as employing Artificial Intelligence and predictive analytics to anticipate potential risks, alongside mandatory reporting regulations for injuries and incidents.
Lagos State Governor Mr. Babajide Sanwo-Olu commended both BoI and the LSC for their significant efforts toward sustainable enterprise financing. He urged safety officers to uphold principles of fairness, equity, and justice in their responsibilities.