The Bank of Industry (BoI) has partnered with the Lagos State Government to promote workplace safety among micro, small, and medium enterprises (MSMEs) through a new programme known as the Safety-First Initiative.
The partnership, formalised through a Memorandum of Understanding (MoU) between the BoI and the Lagos State Safety Commission (LSC), was signed on Tuesday during the third Lagos State Occupational Safety and Health Conference, themed “Occupational Safety and Health as Catalyst for Nation Building.”
The initiative seeks to make safety compliance a key requirement for accessing business finance, with the broader aim of reducing workplace accidents, improving employee welfare, and ensuring business sustainability.
BoI Managing Director, Dr. Olasupo Olusi, said the collaboration places occupational safety at the core of business financing in Nigeria.
“By embedding safety into financing criteria, we send a clear message: enterprises that protect their workers are the enterprises that will receive BoI support,” he said.
Olusi noted that poor workplace safety remained a global concern, with between 10 and 30 per cent of industrial workers sustaining injuries or occupational diseases annually. He added that firms prioritising safety often achieve 20–40 per cent higher productivity.
He stressed that unsafe practices not only endanger workers but also threaten business survival, weaken credit portfolios, and increase the risk of loan defaults. “This initiative demonstrates that finance and safety must go hand in hand,” he added.
Olusi also linked the Safety-First Initiative to President Tinubu’s Renewed Hope Agenda, saying Nigeria could emerge as a regional leader in enforcing safety-driven Environmental, Social and Governance (ESG) standards.
Lanre Mojola, Director-General of the Lagos State Safety Commission, said the initiative aligns with Governor Babajide Sanwo-Olu’s THEMES Agenda, which focuses on enhancing safety and well-being across all sectors.
Mojola outlined ongoing reforms, including the deployment of Artificial Intelligence (AI) and predictive analytics to identify workplace risks, mandatory incident reporting, and stricter inspections of high-rise buildings.
He reaffirmed the state’s commitment to ensuring that residents “go to work and return home safely, enjoy the city’s vibrancy, and trust that their children are safe in schools.”
Governor Babajide Sanwo-Olu, represented at the event, commended both BoI and the Safety Commission for advancing workplace safety and sustainable enterprise financing. He urged safety officers to uphold fairness, equity, and justice in discharging their duties.
