Training Program: 150 business owners from Micro, Small, and Medium-Sized Enterprises (MSMEs) in the Northeastern states participated in a capacity-building program run by the Federal Ministry of Industry, Trade, and Investment. “Financial Literacy, Business Management Skills, and Credit Worthiness, including Loan Application Process in Northern Nigeria” was the main topic of discussion at the one-day workshop in Bauchi.
Dr. Evelyn Ngige, the Permanent Secretary of the Federal Ministry of Industry, Trade, and Investment, stressed the essential importance of MSMEs in the global economy, particularly in developing nations like Nigeria.
She pointed out that while MSMEs have a lot to offer, their potential isn’t fully realized because of low financial literacy, insufficient company management expertise, and restricted access to cheap financing.
The N220 billion MSMEs Development Fund, the N10 billion National Enterprise Development Programme, the N75 billion NMSMEs Survival and Guarantee Upscale Scheme, AgricBusiness, Small and Medium Enterprise Investment Scheme, and the Targeted Facility are just a few of the loan packages that the government has introduced over the years to support the development of MSME.
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Participants gained knowledge about business management techniques, financial literacy, and the loan application process during the training. The occasion was deemed appropriate, and attendees were exhorted to take advantage of the chance to improve their companies.
Hajiya Jummai Bala, a Director in the Ministry, represented State Commissioner Mahmud Baba Ma’aji, who praised the effort and urged participants to use the knowledge they acquired to further their commercial endeavors.
The attendees conveyed their appreciation to the state and federal governments for the chance, promising to use the newfound knowledge for the growth of their companies.