The Small and Medium Enterprise Development Agency of Nigeria (SMEDAN), in collaboration with Olam Agri, has announced initiatives to empower 140 Micro, Small, and Medium-sized Enterprises (MSMEs) and enhance entrepreneurial growth across Nigeria.
Key Highlights
SMEDAN’s Commitment to MSMEs
- SMEDAN’s Director-General, Charles Odii, revealed plans to provide loans and support to 140 MSMEs, with a focus on women entrepreneurs who graduated from Olam Agri’s baking program in Abuja.
- Nigeria has 39.5 million small enterprises, categorized into nano, micro, small, and medium businesses.
- Nano businesses: Employ fewer than three workers with an annual turnover below ₦3 million.
Odii stated:
“We are committed to ensuring these businesses scale by providing them with loans, guidance, and other necessary support.”
Olam Agri’s Crown Flour Initiative
- Since its launch in 2021, the Crown Flour Initiative has trained over 700 bakers and confectioners in Lagos, Abuja, and Kano.
- The initiative focuses on:
- Baking skills development
- Business management training
- Profitability strategies via the Olam Bake Well App
- Bola Adeniji, Head of Marketing at Olam Agri, emphasized the program’s goal to empower women, reduce poverty, and promote financial independence:
“Empowering women with skills fosters independence and reduces the poverty gap.”
Training and Certification
- The recent Abuja program saw 140 graduates receive certificates.
- Participants were trained in baking, business strategies, and entrepreneurial skills, enabling them to thrive in the food value chain.
Olam Agri’s Broader Impact
- Abhishek Singh, Business Head of Olam Agri, reiterated the firm’s commitment to expanding its training programs across Nigeria.
- Anil Nair, Managing Director of Olam Nigeria, highlighted the alignment of their initiatives with the Federal Government’s Renewed Hope Agenda:
“Our investments in human capital and food value chains aim to elevate the economic roles of women.”
Collaboration for Development
The partnership between SMEDAN and Olam Agri demonstrates a collaborative effort to:
- Boost the MSME sector through financing and training.
- Empower women with practical skills for economic independence.
- Align corporate social responsibility with Nigeria’s broader development agenda.
This initiative not only nurtures entrepreneurship but also contributes to addressing poverty and unemployment in Nigeria.
