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Bosch, the German multinational engineering company, has launched an equipment-leasing initiative designed to provide Nigerian artisans with state-of-the-art tools to improve the quality of their products and services, according to a statement released on Wednesday.

The Stuttgart-based company said the initiative, called the Bosch Power Box (BPB), will allow artisans – including plumbers, carpenters, electricians, and welders – to buy, lease, or rent the latest power tools in addition to receiving technical training and micro-financing. Each BPB will have managers, technical staff and trainers, all of whom will receive training from Bosch as part of its skills transfer programme, the company said.

“At Bosch, we want to use our resources and expertise in developing countries to improve skills, create economic opportunities and growth at a micro level, providing world-class services at affordable prices and improving the lives of all citizens,” said Benjamin Ofori, Regional Sales Director of Bosch Power Box.

Bosch said the BPB was first launched in Jua Kali, Kenya in August last year. The initiative was expanded to Sokoban Wood Village in Kumasi, Ghana in June this year, with over 50 artisans registered for training. Bosch plans to establish up to ten BPBs in Nigeria.

"We will provide product application services on how they can use the tools correctly, maintain and service them and ensure a prolonged lifespan. Another exciting feature is that . . . entrepreneurs will receive financial training and budget management assistance," Ofori said.

Founded in 1886, Bosch is the world’s leading supplier of automotive components with revenues of €70.6 billion in 2015. The company’s Power Tools Division is one of the world's leading providers of cordless and corded power tools with sales of €4.5 billion last year.