The Federal Ministry of Industry, Trade, and Investment (FMITI) has initiated 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 focused on empowering small business operators.
The primary goal of this initiative is to provide essential training to entrepreneurs, equipping them with the necessary knowledge to overcome daily challenges and significantly contribute to Nigeria’s economic growth.
Dr. Doris Uzoka-Anite, the Minister for Industry, Trade, and Investment, proposed the academy during discussions with the UNIDO delegation led by Jean Bakole over the weekend. The collaborative effort aims to combat the high rate of small business failures caused by the lack of crucial knowledge required to thrive in Nigeria’s market environment.
Highlighting the struggles faced by startups, Minister Uzoka-Anite revealed that only five out of 100 businesses survive due to issues such as limited access to credit and inadequate market connections. The envisioned academy seeks inspiration from successful models in countries like China and India, intending to fortify Nigeria’s SME and industrial sectors.
Several key stakeholders including SMEDAN, FMITI, NACCIMA, NASME, and various UN women groups within the MSME sector will participate in selecting participants for the academy. This initiative aims to streamline the training process, departing from the fragmented approach of isolated training programs from multiple institutions.
The proposed academy will act as a comprehensive business finishing school, offering structured programs covering essential areas such as principles of accounting and marketing. The curriculum development will involve collaboration with esteemed institutions like the Lagos Business School, forming a consortium of partners including SMEDAN and the Bank of Industry to provide funding.
UNIDO, known for its strong support for SMEs, will play a significant role in the project. Jean Bakole highlighted the organization’s commitment, citing previous experiences, including identifying and training 174 sanitizer manufacturers during the COVID-19 pandemic.
The active involvement of the UNIDO delegation members – Reuben Bamidele, Osuji Otu, Oluyomi Laniyan, Helen Iji, and Emem Umana – signals a promising trajectory for this impactful initiative that aims to reshape the entrepreneurial landscape in Nigeria.
