Abuja, Nigeria – The Abuja Enterprise Agency (AEA) has successfully organized its 4th Abuja Business Plan Competition, aimed at bridging the access-to-credit gap that has been hindering the growth of Small and Medium Enterprises (SMEs) in Nigeria.
The competition, established in 2008 by Abuja Enterprise Agency, an agency of the Federal Capital Territory Administration (FCTA), provided a platform for entrepreneurs to showcase their talents across various sectors, including agriculture, social enterprise, innovation, green technology, and information technology.
Mr. Shehu Abdulkadir, the Managing Director/Chief Executive Officer of Abuja Enterprise Agency, highlighted the vital role of SMEs in job creation, poverty alleviation, and economic growth. He commended past participants and winners of the Abuja Business Plan Competition, stating that they are currently thriving in their respective fields.
The 4th Abuja Business Plan Competition commenced on February 21, 2023, with over 3,000 applications received. More than 200 MSMEs underwent training on business plan writing, presentation, and pitching skills, competing fiercely in each phase of the competition.
Abdulkadir emphasized Nigeria’s abundance of resources and vibrant population with a culture of excellence and entrepreneurship. He reaffirmed the agency’s commitment to supporting MSMEs by creating an enabling environment for them to thrive. This includes facilitating dialogues between MSMEs and regulatory bodies, improving access to finance through partnerships with financial institutions, and fostering an enabling business environment by reducing bureaucratic red tape.
During the grand finale of the competition, Kabir Olaosebikan of Craft Planet Environment, specializing in Waste Management, Ubani Pearl of MYRIA GEE, specializing in Cosmetics, and Patience Uma of Rabni Social Enterprise/Learning Solution emerged as the top winners. They were awarded N2 million, N1 million, and N750,000, respectively, to support their businesses.
The 4th Abuja Business Plan Competition proved to be an inspirational journey, showcasing the innovativeness of Nigerian youths and further fueling the growth of the country’s dynamic and promising MSME sector.
