Mr Rasheed Olaoluwa, the Managing Director, Bank of Industry (BoI), has identified poor patronage of locally produced goods for many ailing businesses in the country.
He said that entrepreneurship growth transcended procurement of machinery and plants, but depended on patronage of companies products.
Olaoluwa said that Nigerian entrepreneurs were not identifying the needs that constituted opportunities before producing goods, thereby leading to huge unsold stocks.
He made the observation in Lagos at the 2nd National Summit on Entrepreneurship and Innovation organised by African Centre for Business Development Strategy and Innovation.
Olaoluwa said that the Economic Commission for Africa had advocated commodity-based industrialisation for African countries.
He said that in aligning with the recommendation, the bank was concentrating on agro-processing to add value to agriculture, solid minerals and petrochemical sectors to boost the economy.