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Tag: MSME

  • MSME super structure of economy, says Osinbajo

    Vice President Yemi Osinbajo has described Micro, Small, Medium Enterprises (MSMEs) as the super structure of the country’s economy.

    He said the administration recognised the MSME as the most important business component for economic growth, which informed why the government has put in several initiatives to address the challenges affecting the sector.

    Osinbajo said this over the weekend while launching the MSME Clinic in Minna, Niger State.

    “The MSME Clinic is a response to the fact that we recognise that MSMEs are the most important business component of our economy.

    “In any economy, what small businesses contribute is really the super structure of the economy. And that is why the President decided that we must have this clinic in every state of the federation,” the vice president said.

    He said the MSME’s clinic in each state is aimed at facilitating the work of enterprises and making them get what they need easily.

    “Most small businesses find it difficult to travel all the way to Abuja and Lagos just to get regulatory permission. That is why we think it is best to bring those authorities to them under the one-stop-shop.”

    Executive Director, Micro Enterprises in the Bank of Industry (BOI) Toyin Adeniji said the bank has awarded over N400 million in loans to SMEs across the country.

    She added that the Bank of Industry has recorded 7,500 beneficiaries for the Marketmoni began by the administration.

    “The objective of the loans is to provide financial inclusion to make sure that every citizen is empowered. Access to finance is a major problem to all businesses at every level. Access to finance is critical to the success of any business.”

    Niger State Governor Abubakar Bello said MSMEs have created millions of jobs, adding that his administration had been able to accessed over N2 billion from the Central Bank of Nigeria to assist MSMEs.

  • SMEDAN seeks 10-year tax holiday for MSMEs

    • Sterling Bank unveils N25m SMEs collateral free loan

    Small & Medium Enterprises Development Agency of Nigeria (SMEDAN), is seeking a 10-year tax holiday for Small and Medium Enterprises (SMEs) in the country.

    The Lagos State Coordinator of the agency, Yinka Fisher, said SMEs remained the agents of transformation in any developing economy, adding that offering them 10-year holiday would help their businesses grow.

    Speaking on the sideline of this year’s Lagos Chamber of Commerce and Industry (LCCI) SME group annual seminar, Fisher said with about 37 million enterprises of which 68,168 are SMEs, government should initiate more entrepreneurship initiatives to keep them alive and grow.

    Chairman, LCCI’s SME group, Abiodun Oladipo, said the seminar would help members and the business community to become aware of the opportunities available.

    “Many nations have employed SME strategies to turn their economic fortunes around and it has been proven beyond doubt that there exists a highly impressive and positive relationship between the level of entrepreneurship activities and economic growth,” he said

    Head, SMEs, Sterling Bank, Mrs. Ezinne Nwaokafor, said the bank is helping businesses to grow by strengthening the expansion of its retail/SME and ‘non-interest-bearing’ lines and business reorganisation. She said the bank now gives collateral free loan to SMEs to key areas, such as those desirous of purchasing equipment to the tune of N25million and N2million for raw materials.

    She  said SMEs are hampered by the unstructured nature of business where a single person is both the CEO and the front desk officer, stating that it’s almost impossible for banks to give loan to such a business because of the safety of their fund.

    Mrs. Nwaokafor said limited documentation, inadequate knowledge of banks requirement in collateral and security, access to market and being technologically up to date with the products they manufacture and how to market them, are some of the challenges besetting SMEs.

    Promoter, SME Think Thank and author of a book, ‘How to grow your SME business’,  Sola Dawodu  advised SMEs to change with change, saying they will be addressed the way they present their products and businesses. He urged them to invest in innovation and competitiveness.

     

     

     

  • ‘Banks’ credit to consumers, MSMEs below 10%’

    Banks provide less than 10 per cent loans to consumers and Micro, Small and Medium Enterprises (MSMEs) in Nigeria compared to other emerging economies, Managing Director/CEO, CRC Credit Bureau Limited, Tunde Popoola, has said.

    Speaking during an industry forum organised by the firm in Lagos, he said following the enactment of the Credit Reporting Act, 2017, and the launch of a global scoring platform, it is expected that consumer loan value would grow exponentially.

    He added that the World Bank projected that by 2020, one billion adults currently excluded from traditional financial systems will gain access to some form of banking services.

    Popoola, who spoke on the theme: Growth & innovation in retail banking: building sustainable business models, said the future of retail lending is in embracing financial technology for financial inclusion, adding that today and tomorrow belong to those who are able to play in retail banking. “The drivers of any sustainable retail lending business model include digitilisation, data-driven decisions,” he said.

    He said credit bureaux (in emerging markets) have the capacity of expanding credit financing by $1.2 trillion, touching 613 million more people and reducing transaction cost by between 30 and 40 per cent.

    According to him, there are untapped opportunities to grow asset size and profits. He added that there is need to grow bank assets and profitability in a healthy way.

    Popoola also said CRC Credit Bureau is positioned to help banks and other institutions successfully manage their retail lending business on a scale that enables exponential financial growth. The firm also provides opportunity for industry practitioners to discuss the trend in consumer/retail lending; discuss business models that work in retail lending in an economy with data/information challenge, appreciate and discuss the role of credit bureau in retail lending and International Financial Reporting Standards (IFRS) implementation.

    He said Africa’s banking markets are among the most exciting in the world, adding: “The continent’s overall banking is the second fastest-growing and second most-profitable of any global region, and a hotbed of innovation. Africa’s banking revenue pools to grow at 8.5 per cent a year between 2017 and 2022, bringing the continent’s total banking revenues to $129 billion.

    “Africa’s retail banking markets are ripe with potential and present huge opportunities for innovation and growth.

    “Revenue from retail banking will grow to $53 billion, representing about 41 per cent of total banking revenues of $129 billion. The expected growth in revenues will come from South Africa, Egypt, Nigeria, Morocco, Ghana and Kenya.”

    Also, Dun & Bradstreet Credit Bureaux Managing Director/CEO, Miguel Llenas, said the future of banking is technology.

    He said financial technology (fintech) firms also play critical roles in deepening financial inclusion and are also giving the banks a good fight for the market space. According to him, banks and fintech firm needed to partner to deepen financial inclusion by taking financial services to the grassroots.

     

  • 5,000 get MSME loan

    The nationwide Micro, Small and Medium Enterprises (MSMEs) Clinic that was flagged off in the Federal Capital Territory (FCT) appears to be hitting the right notes among many petty traders and small entrepreneurs in rural areas.

    The MSME Clinic is an initiative designed by the office of the Acting President, Prof. Yemi Osibanjo, in collaboration with some other relevant agencies to ease doing business in the country.

    There were indications from the beginning of the event that about 5,000 persons have benefited from the MSMEs loans disbursed through the Abuja Enterprise Agency (AEA).

    Disclosing this, FCTA Permanent Secretary, Dr. Babatope Ajakaiye, who represented the Minister, Malam Mohammed Bello said the FCTA will strengthen the scheme by creating more help desks in all the six Area Councils to stimulate more business growth.

    “Over 5000 individuals have benefited from FCTA loans, through Abuja Enterprise Agency (AEA).  The FCT Administration is to create an Abuja Enterprise Agency desk across the 6 Area Councils to boost business growth in the territory,” he said.

    Earlier in his speech, the Managing Director, Abuja Enterprise Agency (AEA) Mohammad Arabi stated that the present administration places premium on the SME sector because it employs about 33 million people and holds about 96 percent of the business sector in Nigeria.

    Arabi who lamented that Nigeria was lagging behind in the SME sector, also said that the MSME clinic was a strategic effort to move away from the poor status.

     

  • ‘MSMEs promotion key to growth’

    ‘MSMEs promotion key to growth’

    Efforts at inclusive socioeconomic growth may not yield the desired results without support for Micro, Small and Medium Enterprises (MSMEs), the Country Director, United Nations Information Centre (UNIC), Ronald Kayanja, has said.

    Kayanja, who spoke at the Lagos Chamber of Commerce and Industry (LCCI) forum to mark the World MSME day,  said businesses within the cadre respond to societal needs and contribute significantly to income generation, as well as poverty alleviation, particularly in rural communities.

    Kayanja, represented by Oluseyi Soremekun, urged policy makers and finance groups to help materialise the sustainable development goals of eliminating poverty and hunger, through expansion of finance portals with  flexible modalities for MSMEs.

    “Although MSMEs generate the most new jobs, they face many challenges with access as the primary obstacle. Financing constraints are also magnified for informal firms, which tend to be small in size, but contribute significantly to economic activity. The banking institution and the financial sector in general should create a tailor-made intervention for MSMEs to get funds. They need to be encouraged as they are key to inclusive sustainable development,” he said.

    According to the International Council for Small Business (ICSB), MSMEs make up nine per cent of all firms and account on the average for about seventy per cent  of total employment and fifty per cent of Gross Domestic Product (GDP).

    LCCI President, Dr. Nike Akande called on the government to rekindle efforts at reviving growth in the non-oil sector, saying it is a guarantee for a more sustainable growth beyond the volatility of oil prices in the international market.

    She said: “This opinion was confirmed in the World Bank report that opined that in the 1960s, Nigeria was a major producer of palm oil, cocoa and rubber and agricultural exports generated about 75 per cent of its foreign earnings. Taking a cue from its history, agriculture is again expected to play an important role in Nigeria’s growth story.”

    Mrs Akande said issues ranging from lack of appropriate bankable business plans, competitive marketing strategies, standard accounting systems and dearth of technical ability, among other bottlenecks, were factors stalling MSMEs’ growth.

    She, however, expressed the belief that entrepreneurs were resourceful and have the capacity to aid economic recovery.

  • Gov. Ahmed launches N907m KWASU new campus

    Gov. Ahmed launches N907m KWASU new campus

    Kwara state Governor Abdulfatah Ahmed has launched the Ilesha-Baruba, Baruten local government area campus of the College of Agriculture of the Kwara state University (KWASU).

    The project will cost  a sum of N907 million.

    Ahmed explained that the siting of the college in the area was strategic to its agricultural practices especially in the area of livestock and crop farming.

    The governor said the agrarian nature of the area will provide students the opportunity to gain more insight into agriculture.

    He added that “as we are battling the issues relating to food insecurity and unemployment, it is important we provide cutting edge education to ensure we produce knowledgeable young commercial farmers and professionals as well as to provide all private sectors with required research for innovation and growth.

    “Specifically, the institution will also equip the agricultural sector with the knowledge, tools; wealth for farmers, input for industries and food security for all.

    “Having moved away from the sustenance and social service agriculture to more market driven approach, agric business is more than ever knowledge based and technology dependant”, he said.

    The governor asserted that agricultural sector has the potential to curb unemployment, build growth and create food security.

    “Based on this recognition, we have put in place strategy to promote agriculture business in Kwara state.

    “Our Offtaker demand driven agric scheme and Micro, Small and Medium Enterprise (MSME) have provided farmers opportunity to access capital, tools and expertise for their businesses at affordable rates.”

    He pledged his administration’s continued provision of incentives to enhance ability of farmers to compete at production market and increase their earnings.

    Said he: “However, this can only be achieved in an atmosphere of peace and security.

    “It is for this reason and the need to uphold the security of all residents and citizens that I’m really disturbed by the recent clash between farmers and herdsmen locally and across the state.

    “Let me assure you that my administration in partnership with security agencies will soon unveil new measures to eliminate these clashes across the state.

    “In the interim, I call on everyone, who feel aggrieved or that have suffered losses on account of such clashes to exercise patience and refrain from act of criminality while allowing the rule of law to take its due course”, he said.

    Earlier in her address, Hajia Aminat Ahmed, the state’s Commissioner for Tertiary Education, Science and Technology explained that the reason for siting the campus in Ilesha-Baruba was resolved towards ensuring that Kwara produces the next generation of agricultural enterpreneurs, who would continue the agrarian revolution.

    She said that the project awarded to Unicontinental Engineering International Company Limited had a timeframe of 48 weeks.

  • ‘Nurture MSMEs to boost GDP’

    Robust Micro, Small and Medium Enterprises (MSMEs) are drivers of growth in any economy, creating employment, value and generation of foreign exchange. In Nigeria, the MSMEs contribute substantially to the economy, hence the need to nurture them for more growth, says the Small & Medium Enterprises Development Agency of Nigeria (SMEDAN) in this report by OKWY IROEGBU-CHIKEZIE.

    The Micro, Small and Medium Enterprises (MSMEs) are essential components of any healthy economy. They contribute about 48.47 per cent to Nigeria’s Gross Domestic Product (GDP), the Director-General, Small & Medium Enterprises Development Agency of Nigeria (SMEDAN), Dr. Dikko Umaru Radda, has said.

    The sub-sector represents over 90 percent of enterprises in most developing countries, and contributes between 40-60 per cent of the total output or value added to national economies,  Umaru Radda added.

    Radda, who spoke at an event organised in Lagos by the Enterprise Development Solution Initiative (EDSI) and supported by some state governments, said the sub-sector remained the key driver of our economy, urging the Federal Government to provide an enabling environment for them to thrive.

    He stated that a nurtured and well-structured MSME sub-sector could contribute significantly to employment generation, wealth creation, poverty reduction and sustainable economic growth.

    On the quantum of MSMEs, Umaru Radda, who was represented by the Director of Enterprise, Mr. Wale Fasanya, said as at 2013, the number stood at 37,067,416 distributed as follows, micro-36,994,578, small-68,168, and medium-4,670.

    On creation of jobs in the sector, Umaru Radda stated that the total number of persons employed by the MSME sub-sector as at December, 2013 stood at 59,741,211, representing 84.02 per cent of the total labour force.

    Underscoring the importance of the sector, he stressed that MSMEs’ contribution to the Gross Domestic Product (GDP) in nominal terms stood at 48.47 percent as at the period under review while its export contribution accounted for 7.27 per cent.

    On the activities of the agency, he said it’s involved in designing programmes and projects, creating appropriate platforms and partnerships for addressing some constraints of MSMEs.

    He, however, advised that, to properly position and develop this all-important sub-sector, all the challenges militating against its optimal performance should be confronted.

    He said: “Though, MSMEs in Nigeria are still largely informal in nature, they have contributed immensely to the national economy. Several common but limiting factors have, however, constrained them over the years. These include poor access to useable funds, capital, difficulties in procuring raw materials, lack of access to relevant business information, difficulties in marketing and distribution of products. Other issues, he stated, include low technological capabilities, high cost of transportation, communication problems, problems caused by cumbersome and costly bureaucratic procedures in getting necessary approvals or licences and policies and regulations that generate market distortions.

    On how the country can come out of recession, he stated that in the face of the present economic recession, the MSMEs are expected to serve as catalyst for reversing the economic downslide. This expectation is certainly not misplaced but would have been more justifiable if an enabling environment can be provided for each of the over 37million MSMEs, he added.

    On the limitations of SMEDAN’s mandate, he said: “As a neonate organisation saddled with the enormous responsibilities of sustainably developing the MSMSE sub-sector, we are working as mandatorily permissible and operationally possible to “knock off” some of these limiters.

    He regretted that funding has always been a major challenge such as in MSMEs start-up/expansion funds, compliance requirements, workspace, equipment, raw materials and personnel, among others.

    The SMEDAN chief observed that adequate funding is also critical for the procurement of resources, human capital, technical, operational, among others, to deliver the Agency’s mandate across the country.

    According to him, the poor synergy among government institutions has also greatly limited the realisation of the good intentions of government for MSMEs.  He said the mandates and responsibilities of agencies of government usually overlap resulting in duplications, wastages and non-realisation of set out objectives.

    He also noted that the inability of MSMEs to demand/request and pay for critical Business Development Services (BDS) is another challenge. BDS are mainly non-financial services and products offered to entrepreneurs at various stages of their business needs. These services are primarily aimed at skills transfer or business advice. According to him, BDS enables MSMEs be competitive as production and products standards are regularly upgraded, adding that the rate of process and equipment obsoleteness is high.

    On the way forward, he canvassed the amendment of SMEDAN Act and the creation of a Credit Information Portal. He said the portal is intended to ease up the task of sourcing for information regarding available credit facilities for MSMEs.

    The Portal provides an information pool that will assist entrepreneurs make informed decisions in getting loans and credits from financial institutions within their locations, he stated.

    Others are a One-Stop-Shop Initiative that will be a platform to minimally reduce the bureaucracy of starting and growing an enterprise in Nigeria.  This, he explained, will allow for the enablers such as National Agency for Food Drug Administration and Control (NAFDAC), Standards Organisation of Nigeria (SON) and Corporate Affairs Commission (CAC) to synergise in the delivery of their mandates to the MSMEs.

    Others, he said, include a National Collateral Registry, which will allow MSMEs to secure loans against assets such as machinery, livestock, and inventory and will aid further the financial inclusion plans for the nation’s MSMEs.

    According to him, the Agency is also championing the establishment of an SME rating agency to enhance competitiveness and ease access to funds.  Others are market linkages that will create and grow market database for the real-time and on-time use by MSMEs.

    On access to functional workspace, he said, the Agency has initiated moves to create Small Enterprises Incubation Centre to be located within the existing Industrial Development Centres across the country. Such Centres will address the challenges MSMEs usually have to affordable utilities.

    The SMEDAN chief further canvassed stakeholders’ engagement and town hall meetings, National and State Council on MSMEs, National MSMEs Policy Implementation, among others.

    On equipment linkages, he said: “The drudgery in the production process and low capacity utilisation in some enterprises have discouraged many existing and potential entrepreneurs. One major problem aside the cost of acquisition is the dearth of information as to where the appropriate equipment can be sourced. Towards ameliorating this, SMEDAN is developing a database in partnership with both domestic and foreign equipment manufacturers, fabricators and leasers.”

  • Sterling Bank holds MSME Academy workshop

    Sterling Bank holds MSME Academy workshop

    Small business owners in Ibadan, on Wednesday and yesterday, convened  at Mouve 21 Event Centre, Ibadan for the first phase of a four- day Micro, Small, and Medium Enterprises (MSME) Workshop, organised by Sterling Bank Plc. The event continues today. The second phase would hold at the same venue from September 28 to 29, 2016.

    The bank had organised similar workshops in Lagos, Port Harcourt, Kaduna and Onitsha with over 300 MSME members trained. Similar workshop was also organised last month for members of the Lagos Chapter of the Nigerian Association of Small & Medium Enterprises (NASME).

    The bank in a statement last Friday explained that the workshop would provide participants with the opportunity to fully appreciate the concept of entrepreneurship. “Participants will be well positioned to enhance their managerial capacity and well equipped to navigate the challenging operating environment,” the Bank explained.

    The bank’s Group Head, Strategy & Communications, Shina Atilola, had, in previous communication on the workshop, explained that the Bank would be anchoring series of workshops for MSME operators in various states nationwide.

    According to him, the bank came up with the workshop to support MSMEs and enable them grow to become established institutions, given the potential role they play in economic development.

    His words: “SMEs remain the pillar of any growing economy and the operators in the sector must be well positioned and equipped for accelerated growth and positive impact on the economy.”

    A cross-section of participants, who attended previous events, expressed confidence that the training received at the workshop would go a long way in repositioning SMEs, which serves as the bedrock of the economy globally.

  • Unemployment: CIPM’s report sees MSMEss, others as solution

    Unemployment: CIPM’s report sees MSMEss, others as solution

    Worried by the rising unemployment, the Chartered Institute of Personnel Management (CIPM) has urged the government to stem the tide in line with the report of its committee, reports Bukola Bolajoko.

    Nigeria has been battling with a huge population of unemployed, or under-employed youths. This has prompted successive governments’ demonstrating highe resolve in the promotion of entrepreneurial skills, bearing in mind that the much desired boom and diversification of the nation’s economy can only be achieved through a buoyant Small and Medium Scale Enterprises (SME) sector which thrives on entrepreneurship.

    Efforts by past administrations have brought about the emergence  of agencies and institutions such as the National Economic Reconstruction Fund (NERFUND) in 1989, with an initial capital outlay of N300million, Nigeria Export-Import Bank (NEXIM) in 1990 with paid-up capital of N1.367billion, the Peoples Bank in 1990 with N330million,

    Also in the basket of job creation initiatives

    were the Capital Market and the formulation of a policy in 1990 that promoted the establishment of Community Banks, which was later amended to give birth to Micro-Finance Banks (MfBs) in 2006. The Bank of Industry (BoI) was another financial institution created to promote the aforementioned in a bid to tackle unemployment.

    The National Directorate of Employment (NDE) which was created in response to the austerity measures, following the adoption and implementation of the Structural Adjustment Programme (SAP)  and the National Economic Empowerment Development Strategies (NEEDS), are two additional agencies created by past administrations to address the huge percentage of the unemployed, and as well reduce the dependency on government for job and wealth creation.

    Despite these past efforts and ongoing ones, the reality on ground  is that, the national unemployment statistics showed that 25.1per cent Nigerian youths are still unemployed (NBS, 2015), with some 35 per cent underemployed.

    This gloomy picture has prompted the Chartered Institute of Personnel Management (CIPM), being the professional body backed by law to regulate the practice of human resource management in the country, to conduct  research into the causes of the prevalent rise of unemployment level in Nigeria. The feedback from the research was further validated at focus group discussion held early in the year to identify and clarifya list of causal factors of unemployment.

    Not surprising, policy inconsistency ranked highest in the report. According to the research, this rated as the most significant factor responsible for unemployment in Nigeria. This prompted a call for a critical analysis of the applicability and sustainability of public policies, before and whilst being formulated, as well as calling for more realistic and pragmatic policies that can truly impact a sustainable drive aimed at significantly reducing unemployment levels.

    Poor political governance and setting of policy direction which elicits harsh operating business environment, was also reported as a major cause of unemployment as its effects leaves many organisations reducing their employees, and fueling joblessness.

    Emeritus Prof Pai Obanya echoed this,  stressing the need for government policies to address youth unemployment. He said this would help prevent the present youth bulge in the population from becoming a time-bomb.

    Other causal factors listed in the report include; a lack of stakeholders’ own-able employment policy, as well as misalignment of educational system output and skills set mostly demanded by employers, causing a predominantly sub-optimal quality of graduates.

    In addition, the report said inadequacy of data of unemployed and underemployed people, has been identified as a key factor. The obvious difficulties in accessing timely and accurate data on either employed, or under employed persons causes a widening gap on effecting technological advancement, social, cultural, religious and other metrics that can be devised in curbing the unemployment scourge.

    According to the CIPM research report, echoed by its President and Chairman of Governing Council, Anthony Arabome, there is need and indeed a strong call for reforming the educational sector to include enforcing high educational standards, full implementation of technical and vocational education, and determined vigour at promoting the Federal Government’s policy on entrepreneurship education.

    The call, he said, is also strong for accessible financial support to start-ups and existing businesses; provision of a social scheme to support nascent businesses; creation of a healthy competitive environment that gives rewards and consideration for innovation, as well as provision of incentives for selected industries with potential capacity to create more jobs.

    The report also canvassed availability of accessible grants for MSMEs, either for start-up or for expansion, and creation of employment opportunities in conducive environments, including rural areas, will be crucial for the country in achieving an optimal employment level.

    In progressing this great initiative, the Chartered Institute of Personnel Management, through findings made by its committee on the Management of National Unemployment Challenge (MNUC), is committed to the engagement ofkey stakeholders across the private and public divide, including the Federal Ministry of Labour and Productivity, and the Presidency for an adoption of its recommendations.

    Its engagement would project the importance and value of these findings and the associated recommendations to all stakeholders at all levels for full acceptance and implementation, he Registrar/CEO, CIPM, Sunday Adeyemi, said.

  • Sterling Bank extends MSME workshops to more cities

    Sterling Bank extends MSME workshops to more cities

    To boost entrepreneurship, Sterling Bank has extended its Micro Small and Medium Enterprises (MSME) Academy workshop to major cities in the country.

    According to the bank, plans have been concluded to hold the MSME Academy workshop in Port Harcourt next month while the event will also take place in Kaduna, Onitsha,  Ibadan and Lagos.

    The Executive Director, Sterling Bank, Abubakar Suleiman, who disclosed this at a briefing in Lagos at the weekend, said the decision to extend the workshop to other parts of the country was as result of the outstanding success of the maiden edition of the event which took place in Lagos last year.

    He said:“Last year’s workshop was a beautiful event. It was very successful and we have already started seeing its impact. So, we decided that it should be done on a larger scale.”

    He also pointed out that Nigeria’s huge size made it imperative for the lender to hold the workshop on a larger scale.

    Suleiman reiterated the bank’s commitment to boosting Small and Medium Enterprises (SMEs), stressing that this would go a long way in tackling the country’s worsening unemployment problem.

    He said: “The unemployment problem is getting worse. In fact, my personal view is that as a country, our number one problem is unemployment. It is at the root of insecurity, poverty and other problems. The only way it can be solved is to boost SMEs so that they can create jobs. This is something everyone should be involved in and not left for the government and big companies alone to handle.”

    Suleiman stressed that the Sterling Bank’s Academy is aimed at capacity building for existing and emerging Micro, Small and Medium-sized enterprises to enable them navigate the several challenges in the environment and focus on being great at their core competencies.

    As he put it: “Our ambition is to contribute to the establishment of SMES that can find a way around the infrastructural challenges, complex laws,  bureaucratic and tax issues and focus on their core areas.“

    He noted that instead of “throwing money” at SMEs and watching them fail, Sterling Bank’s vision of the Academy is that through it small and medium entrepreneurs would no longer be distracted by the obstacles that usually stand in their way.