FCTA To Empower SMEs For Global Standards

The Federal Capital Territory Administration (FCTA) said it has taken significant steps to empower local entrepreneurs and businesses within the territory.

The initiative focuses on fostering innovation and leveraging technology to enhance profitability and sustained growth, ultimately improving the living standards of FCT residents and contributing to the country’s Gross Domestic Product (GDP).

This commitment was made by the acting Head of Service of the Federal Capital Territory, Mrs Grace Adayilo,
during the 11th edition of the ‘Business 360°’ program organised by the Abuja Enterprise Agency (AEA) in Abuja.

In a statement signed by AEA’s team lead for Corporate Communications, Emmanuel Tortiv, the Head of Service emphasised that the FCT Administration is prioritising support for entrepreneurs in alignment with President Bola Tinubu’s ‘Renewed Hope Agenda.’

According to the statement, the support includes providing modern entrepreneurship training, access to financing, and additional incentives aimed at helping businesses thrive.

In her address, titled “Creative Branding, Innovative Packaging as Enterprise Promotion Tools for Market Acceptability,” Adayilo said, “When one ceases to adopt new ideas, they quickly become outdated in today’s fast-paced business environment.”

She urged entrepreneurs to stay proactive in generating and innovating new business concepts to enhance their competitiveness in the global market.

Earlier, the acting managing director/CEO of Abuja Enterprise Agency, Mr Chudi Ugwuada-Ezirigwe, explained that ‘Business 360°’ aims to tackle pressing challenges faced by micro, small, and medium enterprises (MSMEs).

He said that these challenges include limited market access, lack of understanding regarding regulatory requirements, bureaucratic hurdles, and difficulties in securing credit from financial institutions due to high interest rates and stringent collateral demands.

“In response to these issues, the ‘Business 360°’ initiative was launched as a platform for Business Regulatory institutions, public and private sector practitioners, and industry experts to enlighten and educate MSMEs on effective strategies to overcome identified challenges and adopt best business practices,” he said.

Ugwuada-Ezirigwe encouraged entrepreneurs to face their business challenges with courage instead of becoming disheartened, noting, “Every successful entrepreneur is a risk-taker who ultimately reaps rewards at the right time.”

Also, the senior special assistant to the President on Job Creation and MSMEs, Mr Temitola Johnson, represented by the Project Lead for Job Creation and MSMEs, Mr Shinna Agoi, underscored the importance of branding and packaging in influencing consumer purchasing decisions and enhancing a company’s identity.

Agoi urged prospective MSMEs to cultivate creative and innovative mindsets to achieve success in their ventures and improve their competitiveness in the global arena.

One of the event highlights included a panel discussion where experts engaged with audience members on the theme.

The Acting Head of Service concluded the day with a tour of the Exhibition Pavilion, showcasing a variety of products and services from the participating businesses.