In a significant move to empower small business operators, the Federal Ministry of Industry, Trade, and Investment (FMITI) has entered into discussions with the United Nations Industrial Development Organisation (UNIDO) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to establish a dedicated academy.
The objective is to provide essential training, equipping entrepreneurs with the knowledge to navigate daily challenges and contribute significantly to Nigeria’s economic growth.
The initiative, proposed by minister for industry, trade, and investment, Dr. Doris Uzoka-Anite, was discussed during a weekend meeting with the UNIDO delegation led by Jean Bakole.
The collaborative effort seeks to address the alarming rate of small business failures attributed to a lack of necessary knowledge to thrive in Nigeria’s market realities.
Minister Uzoka-Anite emphasised the difficulties startups face, revealing that only five out of 100 survive, often due to challenges like limited access to credit and inadequate market connections. The proposed academy aims to overcome these hurdles by drawing inspiration from successful models in countries like China and India, tailoring them to strengthen Nigeria’s SME and industrial sectors.
Key players such as SMEDAN, FMITI, NACCIMA, NASME, and various UN women groups within the MSME sector will collaborate in selecting participants for the academy. This marks a departure from the current practice of sporadic training programs initiated by different institutions, including banks, which have shown little impact on the MSME sector and the economy.
The envisioned training school will act as a comprehensive business finishing school, offering structured programs covering principles of accounting, marketing, and other crucial areas. The curriculum will be crafted in collaboration with institutions like the Lagos Business School, forming a consortium of partners, including SMEDAN and the Bank of Industry, to fund the training school.
UNIDO, with its track record of supporting SMEs, is poised to play a substantial role in the project.
Jean Bakole highlighted the organisation’s commitment, citing past experiences, such as identifying and training 174 sanitiser manufacturers during the COVID-19 pandemic.
The UNIDO delegation, including Reuben Bamidele, Osuji Otu, Oluyomi Laniyan, Helen Iji, and Emem Umana, actively contributed to the meeting, shaping the future of this impactful initiative.
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