The Abuja Enterprise Agency (AEA) has organised the 4th Abuja Business Plan competition, to bridge the gap of access to credit, which has been identified as the main obstacle hindering the growth of Small and Medium Enterprises (SMEs) in Nigeria.
The competition which provided a platform for entrepreneurs to display their talents in various fields including, agriculture social enterprise, innovation, green technology, information technology among others, was established in 2008 by Abuja Enterprise Agency, an agency of the Federal Capital Territory Administration (FCTA)
The managing director/chief executive officer of Abuja Enterprise Agency, Mr Shehu Abdulkadir while speaking at the grand finale of the 4th Abuja Business Plan Competition yesterday, explained that SMEs are the driving force behind job creation, poverty alleviation and economic growth, that previous participants and winners of the Abuja Business plan competition are presently doing well in their various arras of endeavour.
Abdulkadir explained that the event was a celebration of the spirit of innovation, perseverance, and entrepreneurship, and that it was in recognition of the incredible achievements of talented participants who have undergone a series of capacity development and through the highly competitive phases of the competition.
“The 4th Abuja Business Plan Competition was flagged off by the permanent secretary, FCT Administration on February 21, 2023 to serve as a platform for entrepreneurs to display their talents in the Fashion, Agriculture, Social Enterprise, Innovation Driven Enterprises, Green Technology and Information Technology sectors of the economy.
“The participants where provided with a real-world experience to fine tune their business plans thereby successfully commercializing their products or services. The Abuja Business Plan Competition has over the years proven to be highly impactful on the over 2000 MSMEs. Finalists from previous competition have created viable enterprises.
“The 4th ABPC has been an inspirational journey indeed, we received over 3000 application, trained over 200 MSMEs on business plans writing presentation and pitching skills who keenly contested in each phase of the competition. This competition is a testament of the innovativeness of the Nigerian youths,” he said.
He further said that Nigeria is blessed with abundant resources and a vibrant population with a culture of excellences and entrepreneurship, that MSMEs are the driving force behind job creation, poverty alleviation, and economic growth.
“A key pillar of Mr. President’s Renewed Hope mandate is creating an enabling environment for MSMEs to thrive. The Agency has initiated several programmes and activities such as facilitating dialogues between MSMEs and business regulatory organisation in addition to enhancing access to the MSMEs one stop shop. This will provide MSMEs the required institutional support and reduced bureaucratic red tapes they face.
“We also aim to enhance and improve access to finance for MSMEs. We understand that inadequate access to capital remains a significant barrier for many entrepreneurs. Therefore, we are strengthening our partnership with financial institutions to provide low-interest loans, grants, and credit facilities. By improving access to finance, we empower MSMEs to expand their operations and create more employment opportunities.
“We are also fostering an enabling business environment. We recognize that bureaucratic red tape and excessive regulations stifle entrepreneurial growth. Hence, we have fully keyed into the FCT Administrations drive to strengthen coordination amongst SME support and regulatory organizations. These measures are designed to reduce the time and effort required to start and operate a business, allowing our entrepreneurs to concentrate on innovation and productivity. This has culminated in the Agency partnering with CAC to provide a 50% discount for the registration of 2000 businesses,” he said.
At the end of the competition, Kabir Olaosebikan of Craft Planet Environment who specializes on Waste Management, Ubani Pearl of MYRIA GEE who specialises on Cosmetics and Patience Uma of Rabni Social Enterprise/Learning Solution were given N2 million, N1 million and N750, 000 respectively to support their businesses for coming first, second and third in the competition.
