The Nation Newspaper

Category: Small Business and Entreprenuership

  • CBN’s entrepreneurship centres to the rescue

    CBN’s entrepreneurship centres to the rescue

    The Central Bank of Nigeria (CBN) established Entrepreneurship Development Centres (EDCs) to address rising youth unemployment through promotion and development of small enterprises. The Calabar, Cross River State EDC is already off to a good start, creating a new crop of budding entrepreneurs, who are contributing immensely to economic growth. DANIEL ESSIET reports on their success stories.

    The Central Bank of Nigeria (cbn) in 2008,  established Entrepreneurship Development Centres (EDCs) in the Southwest, Northwest and Southeast geo-political zones of the country.

    The initiative, which was  the apex bank’s response to promoting and developing small businesses, was an instant success as the bank sought to replicate it in the Southsouth, Northeast and Northcentral zones. That was in 2013.

    Now, the EDC in Calabar, Cross River State capital,  Southsouth geo-political zone, has become a success story. Some budding entrepreneurs, who accessed the Centre’s services testified that the CBN’s intervention could not have come at a better time.

    According to them, the Centre has helped many of them to achieve success and growth, both in their businesses and personal development.

    For instance, the  Managing Partners, Kuemma Instant Soup, Dr. Kufre Petters and Emmanuel Ogbonnaya, are counting themselves lucky to be part of the initiative.

    The duo explained that their success story started when they met at the Calabar EDC during their training. At the beginning,  one of them, Emmanuel, was unemployed, while Kufre was already a medical doctor.

    Providence, however, brought  them together as they were both looking for avenues to delve into business. The business idea they  jointly conceived while at the EDC in Calabar metamophosed into Kuemma Instant Soup.

    This Instant Soup pack contains all the ingredients for cooking a pot of soup in five minutes. Hygienically processed, sealed and packed, it comes in different sizes and soup variety.

    The  budding entreprenues were not the Centre’s only success stories. Mr. Shola Aje, a serial entrepreneur and inventor, has also not looked back since he identified with the Centre. Today, he prides  himself as belonging to a new class of entrepreneurs with passion to create value.

    Before venturing into entrepreneurship a few years ago, ENTS, which he founded, was into electronics and communications devices retailing under the brand name ‘Gadget Place’.

    Aje also had a successful career in the upstream oil & gas sector, spanning 20 years. He worked with  Schlumberger Oil Field Services, in Nigeria and various international locations.

    Today, Gadget Place, his retail network, whose success seed was sown in the Centre, has grown to five  stores in three  cities of Port Harcourt, Lagos and  Abuja.

    The CBN’s Corporate Communications Manager,  Southsouth EDC, Mr. Emeka Ugwu, said the Centre has trained 9, 442 participants, while also helping to establish and expand over 3, 560 enterprises.

    The enterprises so established according to the Centre’s spokeman, have created  over 9,000 direct and indirect jobs.

    That was not all. He also said the Centre has assisted about 3,035 participants to access finance totaling over N1 billion, ranging from N50, 000 to about N10  million, from various sources for their enterprises

    As part of its enterprise support to participants, Ugwu said the Centre provides access-to-finance through linkages to various funding sources such as  the CBN Intervention Funds/NERFUND, Bank of Industry (BoI)‘s Bottom-of-Pyramid Fund, Agricultural Credit Guarantee Scheme, Growth Enterprise Insurance Scheme and other funding vehicles.

    Participants of the Centre’s programme, according to him,  are entitled to free 18 months business advisory services and monitoring at the completion of the programme. This is to prevent  them from folding -up in the initial period of start-up.

    He  reiterated that  the Centre will continue to ensure that more entrepreneurs are successful as they work towards providing the best service to clients.

  • Empowering youths through food processing

    A Lagos-based firm is working in collaboration with the Federal Government to train youths on tomato processing. The programme, which seeks to promote employment amongst the youth, especially those involved in farming, hopes to increase food availability and rural income. DANIEL ESSIET reports.

    Over 5,000 youths and adults are set for an empowerment programme on how to process tomatoes.

    Apart from turning Nigeria into a major tomato cultivation and processing hub, the programme hopes to get more Nigerians to commercialise the knowledge and techniques of tomato processing gathered over the years through research and practical application.

    Leading this crusade is Chief Executive  Officer of Betamark Production Company Limited, Mr. Duro Kuteyi.

    His firm, based in Agege, Lagos, produces an array of processed foods, including juice, jams, sauces and pastes from a variety of fruits.

    Speaking during a day training/ workshop organised by his organisation in Lagos, Kuteyi said small tomato processing will boost productivity by reducing post-harvest wastages and incentivising  players to invest,  produce and create jobs.

    He said the sector was poised for strong growth, driven by growth in organised retail, changing consumer preferences and favourable government policies for local tomato processing.

    To explore business opportunities, Betamark  supports entrepreneurs with mentorship and machines to help them process their tomatoes from farmers.

    ”We have developed a concept to make Nigerians understand that they don’t need big equipment to start processing tomatoes, and it is something you can process in your kitchen,” Kuteyi said, adding that it requires N4 million to acquire the machine.

    He said though the new technology could be capital intensive, one can make a turnover of N5 million monthly.

    In partnership with Bank of Industry, his organisation has already trained over 400 youths.

    Kuteyi implored the farmers, whom he hailed for their invaluable contributions, to be serious about the business of agriculture and continue to apply new techniques to improve productivity.

    Special Adviser on Food Security, Lagos State, Mr. Sanni Okanlawon,  said the government was set to  promote  green house and aquaponics  facilities to ensure stable cultivation of  tomatoes.

    Okanlawon, who was represented by  Head, Women in Agriculture and Nutrition, Lagos State Agriculture Development Authority ,(LSADA), Mrs Justina Balogun, said  as part of the  plan to boost  tomato production, the government was  offering a number of incentives.

    He listed one of them as the provision of technologies at its various vegetable farm settlements at Iya-Afin, Badagry and Agbowa  in Epe. The new technology, according to him, is under demonstration at LSADA.

  • Renewable energy: YouLead builds SMEs’ capacity

    Small businesses rely heavily on generators to run their ventures as a result of irregular power supply in the country. This makes energy one of their highest cost heads, which invariably reduces their profit.

    However,  a three-day renewable energy financing training  organised for micro finance institutions, commercial banks and Small and Medium-sized Enterprises (SMEs) in Calabar may have set the stage for a reversal of this trend.

    Essentially, the training was aimed at increasing access to energy services and promote the use of other cost-effective sources of clean energy such as solar, wind, hydro, biofuels etc.

    The workshop, themed: “Assessing Credit Risk of Renewable Energy Sector”, was organised by Cuso International, Nigeria, in collaboration with USAID Nigeria Renewable Energy and Energy Efficiency Project (REEEP). Cuso International also implements YouLead project, while REEEP was being implemented by Winrock International.

    Delivering his keynote address, Programme Manager, Financial Inclusion, YouLead project, Mr Mark Akpan, said the workshop was aimed at building the capacity of SMEs and  financial institutions on renewable energy financing.

    He said this will enable them develop green financial products and services. He noted that green financing avoids the promotion of any business or activity that could be damaging to the environment.

    Akpan said: “Green financing allows banks to contribute to green growth. While green growth fosters economic development, ensuring that natural assets are used sustainably, green finance supports green growth.

    “While some of these green financial products are supported by government programs, many are led by private banks to attract customers looking to finance green initiatives.”

    A Consultant with Winrock International, Mr. IlanWolkov, explained that solar energy is a cleaner and very efficient way of powering home appliances,noting that the uptake of solar systems was very fast in Bangladesh through micro–financing.

    The Consultant added that micro finance banks in Nigeria can spur the growth of renewable energy sector by creating credit facilities for youths.

  • ‘How SMEs can raise finance’

    The Bank of Industry (BoI) has launched a comprehensive initiative to finance small and medium enterprises (SMEs) aimed at helping them realise their growth potential.

    The bank’s Group Head, Strategy and Corporate Transformation, Yinka Adegboye, made this known during the First Emerging Entrepreneurs Conference, ”jointly organised by the United States Consulate in Lagos and Field of Skills and Dreams (FSD).

    Adegboye  listed the bank’s other initiatives geared towards youth empowerment in Nigeria to include Youth Entrepreneurship Scheme (YES), a N10 billion fund to provide funds for youths; a partnership with the National Youth Service Corps (NYSC) based on the Graduate Entrepreneurship Fund (GEF); a N2 billion intervention fund established in 2014.

    He said the YES has already identified about 44 business clusters, adding that the partnership with the NYSC has been on for long and that BoI has over the years, developed a lot of products. “We have been disbursing to corps members who aspire to be entrepreneurs,” he said.

    According to him, the Federal Government has also earmarked N140 billion from its 2016 and 2017 budgets of about N500 billion for special intervention programmes. He said the bank will  manage and disburse the fund to about 1.6 million beneficiaries in the lowest segments of the pyramid, specifically market women, agricultural workers, artisans and youths.

    Executive Director, Business Development, Diamond Bank, Mrs. Chizoma Okoli, said Diamond Bank offers SMEs increased flexibility in the funding available and will help boost business growth, create more quality jobs and increase innovation.

    According to her, entrepreneurs have the potential to spur economic growth in their communities. She, however, regretted that many of them have difficulties accessing financing to launch or develop their businesses.

    She stated that there were  other ways to secure financing, including turning to other social formations, such as family units and money pools, which are provided without interest.

    FSD’s Executive Director, Ms Omowale Ogunrinde, emphasised the importance of providing appropriate financing to medium-sized companies. She said this will increase their employment capacity and ensure stable growth.

    She  said many would-be entrepreneurs lacked the advanced technical  knowledge needed to get ahead—either by cultivating new products or adding value to traditional  raw products.

    The US Consul-General in Lagos, Mr. John Bray, enjoined young Nigerian entrepreneurs to rededicate themselves to efficiently harnessing their entrepreneurial skills.

    Bray said: ”I am pleased that FSD/VTE and the Consulate were able to identify so many aspiring entrepreneurs among Young African Leadership Initiative network members in Nigeria.

    “I must let you all know that entrepreneurship can launch you on a path to change the world. Entrepreneurship can give you freedom to positively change your lives and that of your families.

    “I cannot think of any better reason to start your own businesses,” he said.

  • So that they can get jobs

    So that they can get jobs

    Applicants need some skills to be employable. To help them out, Lagos State Commissioner for Wealth Creation and Employment Mr. Babatunde Durosumni-Etti and other stakeholders are encouraging them to acquire such skills through volunteering and internship. DANIEL ESSIET reports.

    For many  job seekers and aspiring youth entreprenuers,   lack of requisite skills to fit into their dream jobs and vocations  remains a major challenge. However, the Lagos State Commissioner  for Wealth Creation and Employment, Mr. Babatunde Durosumni-Etti, may have found a way round the challenge.

    To him, volunteering and internship are viables options to get the needed skills to be employable.

    Addressing an employment skills training organised by his ministry in Apapa Local Government Secretariat, Lagos,  Durosumni- Etti noted that despite the fact that   youth unemployment was high,  businesses  were  reporting recruiting challenges.

    He said the issue was not that of university education, but ‘work-readiness’ or ‘soft skills’, which many youths lack. Theyouth,he said, also lacked basics qualities such as confidence, communication, leadership and teamwork, which hinder them from securing jobs.

    “I’ve seen volunteering benefit the development and character of young people, giving them employability skills,” the Commissioner said, stressing that experiential learning provided through volunteering is ‘learning by doing.”

    The Commissioner emphasised the need to understand workplace demands and office routines. According to him, understanding the  work environment can be particularly important for young people looking for job.

    Durosumni-Etti pointed out that  volunteering creates opportunities for applicants to test out different career options, gain practical experience and acquire skills related to specific types of employment.

    On employment skills training, he explained that the pilot programme was  meant  to   support 400 young people  to improve their self-esteem, confidence and employability skills.

    Durosinmi-Etti said though everyone has equal opportunity to access the various employability training programme initiated by the Ministry, the selection process  was highly competitive, adding that it was  based on individual’s  performance and creativity.

    According to him, the Ministry in collaboration with West African Vocational Education (WAVE), started training the youths  on employability skills and job opportunities. He said the training was for  three weeks.

    The training, according to him, equipped participants with soft skills and connected them to entry level jobs within the hospitality, wholesale and retail industries.

    WAVE Training Operations, Miss Ifeanyi Okafor,  said the organisation’s  internship segment, known as job shadow, gives the participants invaluable experience in an exciting environment. The experience, according to her, will stand them in good stead as they finish their training and start applying for career jobs.

    Okafor also said the programme will make a fundamental difference by equipping young people with key skills and knowledge. She said, for instance,  that it reinforces the need for “soft skills” such as good communication, problem solving and teamwork.

    WAVE Admissions Officer, Mr. Taiwo Oni, said 1519 people registered for the programme online with only 520 showing interest after SMS messages were sent to them.

    Oni said after another round of SMS, 377 people showed up during the enlightenment exercise.

    At the opening ceremony,  Oni said 84 persons would be participating. The figure was higher than 29 that participated in Lagos Island.

    He announced that seven of the people, who participated at the Lagos Island programme have got jobs.

    Perhaps, to underscore the effectiveness of the programme, Titilayo Azeez, a graduate of philosophy from Lagos State University (LASU), who had already been through the programme, secured  employment.

    She spoke confidently and calmly about how the training helped her to take on her first job in the hospitality industry. Miss Azeez  said the training  helped her to acquire more skills, confidence and experience. She hopes  to pursue a career in the industry.

    Another graduate of the programme, Rukayat Ayinla,  said she gained experience and  training  which helped her to get a job.

    Having been through the programme, Ayinla said she is now an inspiration to young people in the group most of who believe that through the programme they have the opportunity to change the course of the next generation’s futures.

    The Director, Employment Department, Lagos State Ministry of Wealth Creation and Employment, Mrs Iyabo Seriki-Bello, said the programme,  conducted in collaboration with WAVE, was designed to equip the youth with skills training to help them gain paid employment.

    She said the programme, which  lasted four weeks, had a very positive effect in terms of delivering soft skills, including: communication, team work, increasing self-confidence and self-belief.

    Seriki-Bello said for a future workforce that would compete in an ever-competitive marketplace,  young people needed to be prepared for the defining moments of their lives with the right communication skills and  work experience .

    This, according her, was imperative because employers cite employability skills as one of the most important factors when recruiting young people.

    The Head of Administration, Apapa Local Government Council, Prince Adebola Olujobi, said the council was ready to work with the Ministry  and the business community to ensure that youths  are well-prepared to meet the current and future needs of local and national employers.

    As part of the partnership, Olujobi said series of business cooperation throughout the area were underway to encourage the success of the employability skills training and businesses, large or small, to work with young people, to get them ready for the world of work.

  • Pushing organic farming to centre stage

    With chemical fertilisers becoming unpopular in crop farming, a young entrepreneur, Mayowa Oyinkanola, is championing the use of natural manure to grow crops. DANIEL ESSIET writes.

    Despite  being a small organic farm, Green Organic Farm is making a success of its mission to grow sustainable, quality, certified organic food for families, friends, neighbours, local community and businesses.   The firm, promoted by its Director and Co-founder, Mayowa Oyinkanola, grows plants, fruits, vegetables and raise poultry.  Its  business model is based on social entrepreneurship.

    Oyinkanola, who oversees the operations of the farm, has an extensive background in animal husbandary, crop production and agric consultancy.

    He started the business with a soft-loan of N100,000 from his  father.  Today, the farm is worth millions. In his farm, he has raised crop using organic fertilisers. He found that the yield and quality of the crop was good.

    Oyinkanola sees a huge opportunity in the organic farm business. The farm currently has two employees and two interns including a Farm Manager who holds a B.tech in Agricultural Extension and Rural Development.

    As an agro entrepreneur who is practising integrated farming, he has a poultry farm from where he uses the waste as manure.

    Oyinkanola, who is also a Director and Co-Founder of QM Farms Limited as well as  Founder/Lead Facilitator, LetsTalkAgric initiative, is  author of the first animal husbandry textbook for senior secondary school students in Nigeria.

    He said his aim was to develop entrepreneurial skills among unemployed rural young people. But like every other successful entrepreneur, he admittedthat there have been challenges.

    “I have been involved in a couple of bad business deals ranging from inadequate preparations in business strategies and planning to naivety in business opportunities. These led to loss of money at the early stage of expansion,” he said.

    He, however, admonished  that patience and contentment are virtue for every entrepreneur.

    He projects that in 20 years, QM Farms Limited will become a household name in Nigeria and Africa at large.

  • Nigerian among Cartier Women’s Initiative Award finalists

    Nigerian female entrepreneur and Co-founder/ Chief Executive Officer, mDoc, Nneka Mobisson ,  has emerged one of the finalists for the Cartier Women’s Initiative Award.

    The  laureates will be announced at the Cartier Awards Ceremony slated for April 12, 2017, at the Victoria Concert Hall, Singapore.

    Mobisson is among the six female entrepreneurs from both the Sub-Saharan Africa and the Middle East and North Africa  chosen for the award.

    Her firm, mDocis, is an integrated healthcare management platform providing 24/7 access to doctors, nurses and allied healthcare providers via sms, and online.

    Nneka Mobisson’s www.mymdoc.com is a  mobile platform that provides people living with chronic diseases with 24/7 access to virtual healthcare providers .

    The Cartier Women’s Initiative Awards was set up in 2006 by Cartier and the Women’s Forum, with the support of the Business School INSEAD and the consultancy firm McKinsey & Company.

    Its aim was to contribute to the global economy by supporting entrepreneurial women to b find innovative solutions for the future of the planet while helping to ensure that future generations will have strong female role models to inspire them.

    The winners from each continent will receive a grant of $100,000 (a substantial increase from the $20,000 awarded in previous years), as well as a year of personalised coaching and support, access to a business network, as well as the opportunity to be integrated into the INSEAD Social Entrepreneurship Program (ISEP).

    For Mobisson, the journey to success was inspiring. She  lost her father following complications from stroke. The tragedy underscored the huge gap  in Africa’s  healthcare support. This led her to launch a revolutionary digital health social enterprise, which is saving lives. “

    “My father died at the age of 53 largely because he didn’t have access to a team of doctors, who could support him to manage his uncontrolled hypertension,” she said.

    In 2013, Mobisson, a paediatrician by training with a Master’s degree in Public Health, launched mDoc Healthcare. The business is helping people live longer, happier and healthier lives and Nneka believes that developing the health landscape in Africa will help unlock the continent’s true potential.

  • Lagos ‘boy’ turns Nasarawa rice farmer

    Lagos ‘boy’ turns Nasarawa rice farmer

    A Lagos boy, Rotimi Williams is making waves in Nasarawa State as a rice farmer. He shares his success story at a forum organised by Agrihub and Agroentrepreneur, entrepreneurship capacities’ building groups, in Lagos. DANIEL ESSIET reports.

    Thirty-six-year-old Nasarawa -based agro entrepreneur, Rotimi Williams, is the proud owner of Kerekusk Rice.  He acknowledges not only his enjoyment of growing rice, but also  as a rice connoisseur.

    Young and well-educated, he has about 45,000 hectares of rice farm. He sells  the product to major milling firms.

    Williams,  who  grew up in Lagos Island, is down-to-earth and recognises that he first has to roll up his  sleeves and get dirty with some serious work, to make the kind of wealth he desires. This is is in the marshy, mosquito-infested paddy fields that he has to break his back to satisfy his innate entrepreneurial instinct.

    He had to learn everything as he had no experience,  nor background in farming. But he read a lot on it and took all the risks because he needed to do something others were not really interested in. He did his calculations and promised the community some returns. That was the winning strategy.

    He had challenges with machinery services for harvesting and for threshing, procurement of agro-chemicals as well as, good planting material. The absence of these contributed immensely to poor harvests at the onset.

    With these challenges, there is less possibility of bringing more land into production. Right now, he is using few hectares because of the cost of clearance and maintenance. He said the organisation would have to increase the productivity per hectare by knowledge- and science-based farming with purchase of promising rice varieties.

    Notwithstanding these, Williams has been able to make some good returns on his investment. It became more interesting as the days went by as he had bought a processing mill.

    He believes the success of his farm is based on a “we” attitude, rather than “I” – calling the operation a successful team work. He has been blessed to have wonderful people who agree to work with him.

    Williams believes his farm’s success is tied to the community and his dedicated employees. He  believes agriculture has to feature prominently in the nation’s development plans if the government hopes to achieve a prosperous future for Nigerians.

    One of the greatest challenges of young agripreneurs, according to him,  is unequal access to key assets, such as land, finance and information services.

  • Training vital for entrepreneurs

    Training vital for entrepreneurs

    Redeemed Christian Church of God, Promise Land Parish, Lagos Province 47, Ajah, Lagos State in collaboration with Excel Multi-Purpose Cooperative Society Limited, is training and empowering more youths to become entrepreneurs, reports DANIEL ESSIET.

    From hairdressing to farming, the Redeemed Christian Church of God (RCCG) is exploring new routes out of poverty by helping youths to set up businesses.

    With a little help, some of the members of the church have set up businesses, and this effort has started to bear fruits. This is being done in response to the plight of the unemployed that has dominated the news headlines. The responses to this need are empowerment initiatives undertaken bythe government and faith-based organisations.

    A partner organisation is Excel Multi-Purpose Cooperative Society Limited, set up by Redeemed Christian Church of God  Lagos Province 4 and Lagos Province 48. It has provided a series of entrepreneurship training.

    ItsPresident, Pastor  Kayode  Vincent,  noted that entrepreneurship is the key to long-term sustainable development. This is because small business enterprises are tackling challenges in a variety of innovative ways.

    He said not only does such entrepreneurial assistance help people carve out a better life but it also opens  the way to get out of unemployment and poverty.

    To this end, Vincent said the society organised the specialised agric training aimed at entrepreneurs, graduates, and those looking into   the agricultural sector.

    The programme, the cleric explained, offers them access to training on business skills and connects them to peers and mentors to buoy up the skills and confidence they need to build a successful agro business.

    It also allows agro entrepreneurs to address the most common barriers entrepreneurs face in the marketplace

    Sessions covered included:  poultry farming, quail farming, piggery farming, vegetable and crop farming ‘snail farming and grass cutter and agro processing and marketing.

    The Pastor in charge, Redeemed Christian Church of God Lagos Province 47, Apapa Family, Pastor Olufemi Obaweya said the church believes there was a need to address the considerable socioeconomic challenges that are holding back economic growth and development, such as crippling unemployment, inequality and extreme poverty.

    According to him, the church was ready to support the government inkeeping the economy on the path towards inclusive and sustainable growth.

    He said the church also supports jobs creation and economic opportunities that would lift Nigerians out of poverty.

    Obaweya said the church held an agricultural training seminar, to provide information on investment and the need for Nigerians to go back to agriculture.

    Under the project, he said the church intends to improve their productivity and jumpstart their entrepreneurial activities.

    He said participants were trained on agriculture entrepreneurship.

    He noted that the choice of agric as the main focus was borne out of the fact that the sector is so wide and can accommodate everybody, adding that it has been the mainstay of the country’s economy, before the advent of the oil boom era.

    According to him, the training was a huge opportunity for young people with an entrepreneurial spirit, particularly for those entrepreneurs who are not yet active in the field of agriculture.

  • How Nigerians in Diaspora can overcome business hurdles

    How Nigerians in Diaspora can overcome business hurdles

    To investors, Nigeria is a business-friendly. But entrepreneurs in the diaspora face challenges in business development when they come home. At the African Management Services Company (AMSCO) business transforming Africa conference held in Lagos, experts show the way out. DANIEL ESSIET was there.

    Nigeria has captured the attention of the media and investors over the past decade, with success of cultivating its budding entrepreneurs, capable of developing technology and generating income that could change the economic landscape of the country. In fact, Nigeria is well-positioned to foster innovation and entrepreneurship.

    But for United States (U.S.) trained interventional cardiologist and Chief Medical Director of Ibom Multi-Specialty Hospital (IMH), Dr. Adeyemi Johnson, who  came home  in 2008 and founded First Cardiology consultants Limited,  a private practice, Nigerians  living in the diaspora, considering returning home to establish businesses confront a series of hurdles.

    Johnson founded the hospital and pioneered contemporary invasive cardiology in the country, including the first coronary angioplasty with stent implantation, first non-surgical closure of holes in the heart for children and adults when he returned.

    He noted that there was a desire by young Nigerians in the Diaspora to return home and develop the country.

    He said Nigerians living abroad were seeking to return to start new ventures, and to apply their talents and available resources in the best way they can.

    He noted that those in the Diaspora had the skills to work efficiently and develop thecountry, but were often concerned about insecurity, income and the quality of education.

    “Diasporas don’t need too many incentives to come back, but they want to come back. Money is not what is driving these people, they just want to make an impact,” Johnson said.

    He  outlined that  what  entrepreneurs in the diaspora needed to return  to include: conducive culture, enabling policies and leadership, availability of appropriate finance, quality human capital, and a range of institutional and infrastructural supports.

    Economic Growth Department Director, Ministry of Budget and National Planning, Kayode Obasa, said the wealth and prosperity of a nation rested upon the development of people and the effective contribution to national development, adding that human resources constitutes the ultimate basis for the wealth of nations.

    Obasa said any country, which is unable to develop the skills and knowledge of its people and utilise them effectively in the national economy, would definitely encounter the challenge of sustaining economic growth and development.

    He said quality skills are key in stimulating economic growth and sustainable development process and can make an immense contribution in restoring the Nigerian economy to the path of recovery.

    African Training and Management Services (ATMS) Foundation Director, Sven Riskaer said the foundation has committed over $60million to training and management of human capital development in Sub-Saharan Africa in the past 21 years.

    Riskaer disclosed that the private sector as well as the Small and Medium Enterprises(SMEs) had benefitted from the financial and training support being implemented by the AMSCO.

    According to him, human capital and skills development are the keys to unlocking the huge growth potential of the African continent.

    He said the foundation’s activities in 29 African countries had resulted in the training of 2,000 people yearly and over $85million paid in taxes to African governments by the companies it supported.

    Riskaer said: “We have over the years observed that there is a skill gap that continues to stifle business growth in the African continent. African governments have mostly maintained prudent macro-economic policies, strengthened financial institutions and continue to undertake reforms to transform their economies structurally.

    “However, such efforts are often limited as far as human capital development for small, medium and large enterprises is concerned. African enterprises play a crucial role in the growth of the African economy and job creation. Alone in Nigeria, five to six million new job seekers join the labour market every year. However, the capacity of African enterprises to fully engage at a global level is often compromised.”

    Through various services of talent management, training and development advisory programme interventions, he  said, AMSCO has partnered the private sector, governments and development finance institutions to help build capacity for African businesses.