FGN to sets up PEBEC Business Champions Program for MSMEs
The PEBEC Business Champions Programme, an intervention initiative aimed at supporting Micro, Small, and Medium-sized Enterprises (MSMEs) in Nigeria, is to be established by the federal government. Dr. Jumoke Oduwole, the Special Adviser to President Bola Tinubu on Presidential Enabling Business Environment Council (PEBEC) and Investment, revealed this as part of the PEBEC’s 2024 Outlook document.
The program aims to address the challenges faced by MSMEs in Nigeria and help them navigate the business climate more effectively. It is divided into two segments, targeting medium-sized enterprises and larger businesses. The first segment focuses on collaborating with medium-sized enterprises, providing them with customized services to support their growth and success.
Approximately 25 businesses will be selected based on criteria such as revenue, tax contributions, job creation, sectors, and export proceeds. The second segment of the program targets larger businesses, specifically the 23 companies in Nigeria with annual revenues exceeding one billion dollars. This change in approach aims to accelerate economic growth, particularly during challenging times. By providing support to these larger businesses, the program aims to stimulate economic activity and create more opportunities for job creation and revenue generation.
Law firms across the country have being engaged to review approximately 21 business laws, resulting in the formation of the Omnibus Act. This is expected to create a more favorable business environment by addressing regulatory bottlenecks and streamlining business processes. In addition to the legislative intervention, the PEBEC is also collaborating with state judiciaries to establish additional Small Claims Courts.
These courts will provide a faster and more efficient resolution of commercial disputes, further enhancing the ease of doing business in Nigeria. Strategic communication interventions are also a key component of the program. Oduwole emphasized the importance of ensuring that businesses and stakeholders are well-informed and understand the reforms being implemented. This will help build trust and confidence in the business environment and encourage more investment and growth.
