An official MSME training academy is set to be established in Nigeria by the Federal Ministry of Industry, Trade and Investment (FMITI) in collaboration with the United Nations Industrial Development Organization (UNIDO). This academy seeks to improve the knowledge and abilities of small business owners of Micro, Small, and Medium-Sized Enterprises (MSMEs) by offering training and support, which will ultimately aid in the expansion of the nation’s economy.
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), the Ministry of Industry, Trade and Investment, and UNIDO will work together to create an implementation plan in order to create the framework for this training school.
The strategy to strengthen MSME operators’ capacity through strategic training was started by Dr. Doris Uzoka-Anite, Minister of Industry, Trade and Investment, during a meeting with the UNIDO mission in Abuja.
This initiative’s driving force is Nigeria’s startlingly high small business failure rate, which is mostly attributable to a lack of understanding of the local market dynamics. In addition to stressing the importance of addressing the market difficulties MSMEs confront, Dr. Uzoka-Anite indicated interest in studying effective models from nations like China and India. Nigeria hopes to boost its own SME and industrial sectors by implementing and modifying these methods, which will ultimately increase the success rate of new businesses and promote economic expansion.
According to the statement, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), SMEDAN, the Federal Ministry of Industry, Trade and Investment (FMITI), the Nigerian Association of Small and Medium Enterprises (NASME), and several UN women groups in various MSME sector units will select the academy participants.
The Minister suggested creating a business finishing school, or training facility, where SMEs could enroll in a three-month course that would include marketing, accounting, and other crucial subjects. After finishing, they’ll get a certificate and be able to apply for credit.
Partnerships will be established with current educational institutions like the Lagos Business School and universities to guarantee the training school’s success. The curriculum will be created and funded by a group of partners that includes SMEDAN, the Bank of Industry, and other institutions.
The Minister expressed hope that this program will produce trained MSMEs who can steer the nation toward actual economic prosperity.
Jean Bakole underlined the important part UNIDO will play in the project during the discussion. UNIDO has previously used a range of methods and approaches to serve a large number of SMEs. Using a similar methodology to that which they used to identify and educate producers of hand sanitizers during the epidemic, UNIDO will support the chosen MSMEs for a full year.
Ms. Helen Iji, Ms. Emem Umana, Mr. Reuben Bamidele, Mr. Osuji Otu, and Mr. Oluyomi Laniyan were the members of the UNIDO delegation who attended the meeting.