The Federal Ministry of Industry, Trade and Investment and Procter and Gamble (P&G) have signed a Memorandum of Understanding (MoU) that will see Small Medium Enterprises (SMEs) upgrade and expand their business process to compete internationally.
The programme will also see P&G develop and promote leadership talent and human capital for identified high growth SMEs while providing formal training, mentorship and hands-on experience in business operations for these SMEs. The MoU is a public-private partnership initiative to launch the Small Medium Enterprise (SME) Development Academy. Speaking at the MoU signing ceremony in Abuja, Temitope Iluyemi, Director of Government Relations Africa at P&G said: “We are committed to empowering SMEs and helping them get adequate skills for the success of their business. Our ultimate aim is to see small businesses grow and contribute to the overall growth of our nation’s economy.
“A lack of organizational capabilities is a major factor that can limit development in SMEs and we believe this is an opportunity to offer unique value towards the most pressing issues encountered by business owners.” Also speaking, Minister of State for Industry, Trade and Investment, Aisha Abubakar said: “SMEs have proven to be an important part of our economy, hence the need to help them scale up and achieve more. This partnership with P&G could not have come at a better time. The Ministry is pleased that this public private partnership will support the program of the government to train SME Academy participants on key financial management principles and expose them to financial literacy, improve their access to finance and promote business ethics.” The partnership will leverage the Ministry of Industry, Trade and Investment’s SME Academy program, which aims at delivering structured skills training, advisory and mentoring activities and services for selected Nigerian owned SMEs.