The Federal Ministry of Industry, Trade, and Investment has conducted a capacity-building program for 150 entrepreneurs from Micro, Small, and Medium Enterprises (MSMEs) across the Northeast states. The one-day training in Bauchi focused on “Financial Literacy, Business Management Skills, and Credit Worthiness, including Loan Application Process in Northern Nigeria.”
Dr. Evelyn Ngige, the Permanent Secretary of the Federal Ministry of Industry, Trade, and Investment, emphasized the critical role of MSMEs in the global economy, particularly in developing countries like Nigeria. She noted that despite their potential contributions, poor financial literacy, inadequate business management skills, and limited access to affordable finance hinder the full realization of MSMEs’ potential.
The government has introduced various loan packages over the years to support MSME development, including the N220 billion MSMEs Development Fund, Central Bank of Nigeria Anchor Borrower Programme, AgricBusiness, Small and Medium Enterprise Investment Scheme, N10 billion National Entreprise Development Programme, N75 billion NMSMEs Survival and Guarantee Upscale Scheme, and Targeted Facility.
During the training, participants received insights into financial literacy, business management skills, and the loan application process. The event was considered timely, with participants urged to leverage the opportunity to enhance their businesses. The State Commissioner for Ministry of Industry, Trade and Investment, Mahmud Baba Ma’aji, represented by Hajiya Jummai Bala, a Director in the Ministry, commended the initiative and encouraged participants to apply the knowledge gained to improve their commercial activities. The participants expressed gratitude to both the state and federal government for the opportunity and pledged to utilize the acquired knowledge for the advancement of their businesses.
