The United Nations Industrial Development Organisation (UNIDO’s) Investment and Technology Promotion Office (ITPO) in Nigeria, in partnership with government institutions and the private sector, has commenced the upgrade of the financial literacy of Nigerian entrepreneurs, Micro, Small and Medium-sized Enterprises (MSMEs), women and youths.
Many Nigerian start-ups do not survive because they cannot cope with the financial aspects of business. The problem of financial literacy affects a range of actors, starting with university graduates, who cannot find jobs, to existing MSMEs, which cannot find the resources to grow
Consequently, the UNIDO ITPO Nigeria has, in recent weeks, held a number of workshops on the use of UNIDO tools and methodologies for the preparation and appraisal of investment projects, both with the private sector and government agencies. A statement by UNIDO ITPO Nigeria’s Adebisi Olumodimu said the aim of the workshops was to help Nigeria prepare for the IDDA 111 at the grassroots level.
The programme is in response to United Nation (UN)’s call on UNIDO to:
- Develop, operationalise and lead the implementation of the programme for the UN’s Third Industrial Development Decade for Africa (IDDA III), which reaffirms the importance of industrialisation in supporting Africa’s own efforts towards sustained, inclusive economic growth and accelerated development.
- Foster partnerships and build joint initiatives in favour of industrialisation.
Five workshops were organised across Nigeria – one in Lagos in partnership with the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA). The second workshop was in Kano in partnership with Kano State Government and the Office of the Special Advisor to the President on Youth and Student Affairs. Three of the workshops were in Abuja in partnership with the Nigerian Investment Promotion Commission (NIPC) and the Nigeria Incentive-based Risk Sharing System for Agricultural Lending, among others.
It has become imperative that governments, financial institutions and entrepreneurs are properly prepared to make sound investment decisions. And from the perspective of entrepreneurs, the most important factor, of course, is that they are “bank-ready.”
Source: The Nation