This will provide training and essential knowledge to small business operators, boost their day-to-day activities and strengthen their contributions to the country's economic growth.
The Ministry, in collaboration with the Small and Medium Enterprises Development Agency of Nigeria and UNIDO, will collaborate on developing the framework for the academy and designing the implementation plan to launch the project.
Minister for Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, proposed the idea during a meeting with the UNIDO delegation led by Jean Bakole. The objective is to elevate operators in the sector by implementing various strategies that enhance their production skills, facilitate access to credit, establish market connections, and deepen their capabilities to serve large industries.
As a reminder, SMEDAN DG, Charles Odii, disclosed on Wednesday that the country witnessed the loss of over three million businesses in three months, attributed to issues like insecurity, fraud, global competitiveness, and a lack of ease of doing business.
“The statistics for success as a startup are very bad. Five out of 100 survive and a lot of it goes to issues including inability to access credit, and the link to the market that needs their services”, stated the Minister on Thursday in Abuja.
It was reported that participants will be selected by SMEDAN, the Federal Ministry of Industry, Trade and Investment, the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, the Nigerian Association of Small Medium Enterprises, and the various UN women groups in different units of the MSME sector.
The training school will be a departure from the current practice of random training programmes that are conceived and run by different institutions including the banks but which in the long run, have no impact on the MSME sector and contribute nothing to the economy.
