Big Bank in Nigeria Launches Program to Help Over 1 Million Small Businesses
FCMB, a major bank in Nigeria, has teamed up with experts to launch a program that aims to help over 1 million small and medium-sized businesses (SMEs) grow and succeed.
This program will provide training, resources, and money to startups and existing businesses so they can create new products, reach new customers, and expand faster.
Here’s the breakdown:
- Goal: Help 1 million+ Nigerian SMEs develop, find new markets, and grow quickly.
- Partners: FCMB, SkillPaddy (e-learning platform), and other industry experts.
- Funding: Grants totaling ₦511.7 million from Proparco and the African Development Bank.
- Kickoff: ₦50 million awarded to 200 SMEs who joined the first training session.
- Focus: Supporting women entrepreneurs and businesses in important sectors like agriculture, renewable energy, and technology.
Why it matters:
- More jobs: Growing businesses create more jobs, which helps the Nigerian economy.
- New products and services: The program encourages innovation, leading to better products and services for Nigerians.
- Empowering women: FCMB is especially focused on helping women-led businesses succeed.
Quotes:
- George Ogbonnaya, FCMB: “We want to inspire Nigerians to chase their entrepreneurial dreams and build strong businesses that can change Nigeria’s economy.”
- Kunle Erinle, SkillPaddy: “This partnership is a game-changer for SMEs. It will help them be more productive and open up new possibilities.”
- Oladimeji Olanrewaju, Sweet Indulgence by Bakhita: “I’m thankful to FCMB for this chance to grow my business through this program.”
FCMB has a long history of supporting SMEs, having loaned over ₦1.343 trillion to more than 98,000 businesses since 2018.
This program is the latest example of their commitment to helping small businesses thrive and contribute to Nigeria’s economic growth.