Lagos: The Bank of Industry (BoI) and the Lagos State Government, through the Lagos Safety Commission (LSC), have entered into a partnership to enhance workplace safety practices among Micro, Small, and Medium Enterprises (MSMEs) operating within the state. This collaboration was formalized through a Memorandum of Understanding (MoU) titled ‘Safety-First Initiative,’ signed at the third Lagos State Occupational Safety and Health Conference held in Lagos.

According to News Agency of Nigeria, the event, which revolved around the theme ‘Occupational Safety and Health as Catalyst for Nation Building,’ marked a significant step towards creating a roadmap for safety improvements. The Managing Director of BoI, Dr. Olasupo Olusi, highlighted the bank’s support for the Safety-First Initiative, emphasizing that workplace safety and occupational health are now integral to loan application considerations.

Dr. Olusi pointed out the global issue of inadequate workplace safety, which poses substantial risks to workers, with a considerable percentage facing injuries, occupational diseases, and health hazards annually. He further noted that companies adhering to strong occupational health and safety standards generally experience higher productivity.

Dr. Olusi stressed the importance of the safety first initiative, which demonstrates the critical connection between finance and safety. He noted that enterprises prioritizing worker protection are more likely to receive BoI’s support, ultimately strengthening MSME resilience and safeguarding the long-term stability of the financial system.

He also mentioned that President Bola Tinubu’s Renewed Hope Agenda offers opportunities for Nigeria to develop safer and more productive workplaces. Dr. Olusi suggested that by integrating global standards, technology, and accountability, Nigeria can position itself as a regional leader in safety practices across all sectors.

Mr. Lanre Mojola, Director-General of the Lagos State Safety Commission, highlighted the commission’s alignment with the state’s THEMES agenda, covering various safety initiatives and protocols. He reaffirmed the commission’s commitment to ensuring safety in all aspects of life in Lagos State, from traffic management to gender equality and social inclusion.

Governor of Lagos, Mr. Babajide Sanwo-Olu, praised BoI and the LSC for their efforts to promote sustainable enterprise financing and enhance workplace safety across the state.