The Investment and Technology Promotion Office (ITPO) of the United Nations Industrial Development Organisation (UNIDO), is set to empower and support Nigerian youth entrepreneurs with interactive e-learning packages and online coaching on how to meet bank’s lending requirements.
There is the problem of financial literacy, starting with university graduates who cannot find jobs, to existing, even successful MSMEs, which cannot find resources to grow. Nigerian MSMEs prove to be very innovative and come with excellent business concepts. Still, many start-ups do not survive because they cannot cope with the financial aspects of business.
Owing to this, the Chief Technical Adviser, UNIDO-ITPO, Mr. Stanislaw Pigon, explained that:
- The innovation was to improve their “bank readiness” and capabilities to formulate and communicate their business ideas.
- The global body is sharpening the project formulation and appraisal skills of the youth, who are operators in the Micro, Small and Medium Enterprises (MSMEs) sector of the economy, with its refined Computer Model for Feasibility Analysis and Reporting Lite (COMFAR Lite).
- COMFAR Lite is a state-of-the-art investment project analysis tool that, through its interactive and intuitive modules, allows even less experienced entrepreneurs to present their business ideas. It is the first software of its kind to be used to scale up enterprises, which will lead to job creation in local communities.
- MSMEs need less sophisticated and educative tools. They require a special simplified version of the software used by big firms that is dedicated to less experienced entrepreneurs like the COMFAR Lite.
- From the perspective of MSMEs, the most important factor is that they are ‘bank-ready’. This means they need to be offered some simpler tools to present the financial aspects of their business ideas.
- UNIDO-ITPO will assist the government in setting up the adequate environment to create employment for MSMEs, to identify value chains and innovative sectors with high potential for women and youth employment and women/youth-led entrepreneurship.
- UNIDO-ITPO will operate a three-year period of activities that would continue thereafter based on outcomes,as people would be trained in investment technology-related areas that drive business in the 21st century.
In addition, the Head, UNIDO-ITPO Nigeria, Mrs. Adebisi Olumodimu, said the country could leapfrog in economic diversification, industrial upgrading and technological innovation, to make it a more competitive brand in the African continent and the world at large, adding that the UNIDO-ITPO would like to transfer knowledge and introduce the best practices in preparation for the investment process.
Source: Sun News