The Bank of Industry (BoI) and the Lagos State Government through the Lagos Safety Commission (LSC) have brokered a partnership to strengthen workplace safety practices among Micro, Small and Medium Enterprises (MSMEs) operating within the state.
The partnership was brokered through a Memorandum of Understanding (MoU)- “Safety-First Initiative” signing at the third Lagos State Occupational Safety and Health Conference on Tuesday in Lagos.
The event with the theme: “Occupational Safety and Health as Catalyst for Nation Building” culminated in a clear roadmap for safety improvements.
Speaking at the event, the Managing Director, BOI, Dr Olasupo Olusi, said the bank alongside LSC were sponsoring the Safety-First Initiative that placed workplace safety and occupational health at the very heart of loan application considerations.
Olusi noted that across the world, inadequate workplace safety continued to pose significant risks to workers, with 10 to 30 per cent of industry workers suffering injuries, occupational diseases and health hazards annually.
On the other hand, he stated that companies with strong occupational health and safety standards record 20 to 40 per cent higher productivity on average.
Olusi said for lenders such as the BoI, unsafe practices undermined business viability, weakened credit portfolios, and created impaired loan assets that worsen nonperforming assets.
According to him, the groundbreaking safety first initiative shows that finance and safety must go hand in hand.
“By embedding safety into financing criteria, we send a clear message: enterprises that protect their workers are the enterprises that will receive the support of BoI.
“This is a joint commitment to
place workers’ protection at the heart of enterprise development, to strengthen
MSME resilience, and to safeguard the long-term stability of our financial system,” he said.
He added that President Bola Tinubu’s Renewed Hope Agenda presented opportunities for Nigeria to in its unique context, to build safer, healthier, and more productive workplaces.
“Nigeria can be positioned as a regional leader in embedding Environmental, Social and Governance driven safety practices across all sectors, from high-risk industries to MSMEs.
Olusi said by integrating global standards, technology, and accountability, Nigeria can build workplaces that are safe, competitive, and resilient.
“Governments must continue to advocate robust policies and strengthen enforcement frameworks, while incentivising compliance through fiscal policies and recognition programmes.
“Employers must integrate safety into business strategy not as a cost but as investment in productivity and workforce wellbeing.
“Employees too must take responsibility and be accountable by following company’s safety policies and procedures.
“Development partners, experts, and Development Finance Institutions should provide enterprises with the tools, training, and financing needed to support occupational safety and workforce well-being,” he said.
Mr Lanre Mojola, the Director-General, Lagos State Safety Commission, said the work of safety cut across the state governor’s THEMES agenda.
Mojola said the state had implemented safety initiatives and protocols from traffic management and transportation to security and governance and most recently gender equality and social inclusion.
He restated the commission’s commitment to safeguarding every aspect of life in Lagos State.
“This range from where residents can
go to work and return home safely to their families to where people can safely enjoy the vibrant hospitality of Lagos and also be assured of their children’s safety in schools,” he said.
Mojola listed the commission’s current transformational initiatives to include digital frontiers such as Artificial Intelligence and predictive analytics to predict potential risk patterns.
He added that there was the mandatory reporting of injuries, incidents and dangerous occurrences regulations, deepened inspection of high-rise buildings among others.
The Governor of Lagos, Mr Babajide Sanwo-Olu, commended both BOI and the commission for the giant strides to ensure sustainable enterprise financing.
Sanwo-Olu charged safety officers to ensure fairness, equity and justice at all times as they discharge their duties.(NAN)