Over the years,the major bottlenecks to the thriving of enterpreneurship, Micro Small and Medium Scale Enterprises MSME’s, empowerment and capacity building is not only funding,but the prerequisites of channeling these funds for purposes intended.
This negative trend had hampered a well thought out government programs, geared towards enhancing the economic perfomance of all variables, and tend to preclude self sustenace in Nigeria.
To address the glaring anomaly,there must be a sharp departure from the ‘Business as usual’ trend as funds meant and channel for the purpose intended,developed another leg into a non- sector, that had little or no effect on other petty businesses.
But, since retail businesses is the bane of the survival of any thriving economy,over looking the practice will have a colossal loss not on the economy, and the purchasing powers of the players.
To also compound the archaic practices, ignorance and lack of the basic knowledge was also a stumbling block, to a robust deployment of such funds availed the players.
To achieve results,the intricacies of lack of knowledge and sustain it became germane to address, using a model and modest approach to arm and enrich the target players.
Since the concept of convening Development Bank of Nigeria DBN, in conjunction with it’s foreign counterparts is geared towards economic emancipation of these vulnerable groups,it is apt that for wholistic decision through training, retraining, capacity building, workshops, talkshops and seminars involving the target audience through orientation and reorientation is not out place.
Soon after it’s inauguration, DBN set the ball rolling as a basic conditions,that enlightenment forum for beneficiaries in this category is not compromised,and in 2019,the inaugural training was held for a whopping 100 target of Entrepreneur’s,to guarantee judicious deployment of funds released and for the purpose intended in the six Geo political zones of the country.
Having set the ball rolling, through the maiden program to imbibe, equip and address the nitty gritty of Small and Medium Scale Enterprises SME’s, particularly in the area of fund deployment,use and recircling to sustain any chosen business,DBN encourage feedback through it’s machineries,that had improve retail businesses in Nigeria,devoid of diversion and any sharp practices.
To inculcate this trend inline with the global practices,it’s desire to improve the living standard of the middle class,address the global financial crises occasioned by the aftermath of the COVID-19 pandemic, DBN relived the practice through enhanced trainings, empowerment, capacity building in line with domestic requirements, that bring to bear in this year’s program,a sharp increase against the last year’s, increasing beneficiaries to 125 trained both in Lagos and Abuja for the year 2020.
The increase was justifiable from the performance indices garnered from the previous year in 2019 and fund usage by the targeted beneficiaries, as well as the effects on the economy,inspite of the COVID-19 pandemic.
The business owners in this year’s awareness were offered the basic rudiments of marketing, promotional tools, business opportunities and skills to be deployed,as well as book keeping,which is the requirements for loan assessment from Development Bank of Nigeria DBN.
This was made possible with a formidable Management team of DBN led by the Managing Director,with crops of trained and exposed facilitators fully armed with the knowledge and experience in that area.
According to the Management,the new order of marketing could not thrive without the basis and the basic requirements and knowledge, therefore Management does not play down on these critical areas,even though ,funding is desiring for MSME’s,but utilisation is another components to a good feedback,hence training and orientation.
DBN has also address the funding, liquidity,credit guarantee and capacity building,as well as a bridge between good business concepts,access to funds and management by the SME’s,through the training to improve the enterpreneurial and mangerial concepts.
Adhering to the sane practice outlined without deviation,it is glaring that improved participation and perfomance of MSME’s, Enterpreneurs, will have a multiplier effects on the economy of Nigeria.
The annual program aimed at re-assessing and re-equiping owners of small scale businesses had pay off with the perfomance indices of the players and actors.
Abubakar Yusuf Writes From Abuja