The 4th Abuja Business Plan Competition was organized by the Abuja Enterprise Agency (AEA) to close the credit access gap, which has been highlighted as the principal barrier to the expansion of Small and Medium Enterprises (SMEs) in Nigeria.
The Abuja Enterprise Agency, a division of the Federal Capital Territory Administration (FCTA), established the competition in 2008 as a venue for entrepreneurs to showcase their skills in a variety of fields, including agriculture, social enterprise, innovation, green technology, and information technology, among others.
Speaking yesterday at the grand finale of the fourth Abuja Business Plan Competition, Mr. Shehu Abdulkadir, managing director/chief executive officer of the Abuja Enterprise Agency, explained that SMEs are the driving force behind job creation, poverty alleviation, and economic growth, and that previous competitors and winners of the Abuja Business plan competition are currently doing well in their various arras of endeavor.
According to Abdulkadir, the competition was a celebration of the spirit of innovation, tenacity, and entrepreneurship as well as a tribute to the extraordinary accomplishments of the gifted participants who had to go through a number of capacity-building exercises as well as the intensely competitive competition phases.
The permanent secretary of the FCT Administration launched the fourth Abuja Business Plan Competition on February 21, 2023 to give entrepreneurs a stage on which to showcase their skills in the fashion, agriculture, social enterprise, innovation-driven enterprises, green technology, and information technology sectors of the economy.
The participants received practical experience to help them polish their business strategies and successfully market their goods or services. Over the years, it has been clear that the Abuja Business Plan Competition has had a significant impact on the more than 2000 MSMEs. Previous competition finalists have developed successful businesses.
The 4th ABPC has been a very inspirational experience; we trained over 200 MSMEs on business plan writing, presentation, and pitching skills before they competed fiercely in each of the competition’s phases. We got over 3000 applications for the competition. This contest is evidence of how creative Nigerian youths are, he remarked.
He added that MSMEs are the main driver of job creation, poverty alleviation, and economic progress in Nigeria because of its enormous resources, dynamic people, and culture of excellence and entrepreneurship.
The mission of Mr. President’s Renewed Hope initiative includes fostering an environment that is supportive of MSMEs’ success. The Agency has started a number of initiatives, including programs and activities that improve access to the MSMEs one-stop shop as well as facilitate conversations between MSMEs and organizations that regulate business. As a result, MSMEs will receive the necessary institutional assistance and experience less bureaucratic red tape.
“We also want to expand and strengthen MSMEs’ access to financing. We are aware that for many businesses, a major obstacle continues to be a lack of adequate access to funding. Therefore, in order to offer low-interest loans, grants, and credit facilities, we are strengthening our collaboration with financial institutions. By enhancing MSMEs’ access to capital, we enable them to grow their businesses and add to the number of available jobs.
Additionally, we are promoting a supportive business atmosphere. We acknowledge that excessive rules and bureaucratic red tape hinder the growth of the entrepreneurial sector. We have therefore wholeheartedly embraced the FCT Administration’s initiative to improve collaboration between SME support and regulatory entities. These steps are intended to speed up the process of starting and running a firm, freeing up our entrepreneurs to focus on productivity and innovation. As a result, the Agency and CAC have joined forces to offer a 50% discount for the registration of 2000 firms, the official stated.
At the conclusion of the competition, Patience Uma of Rabni Social Enterprise/Learning Solutions, Ubani Pearl of MYRIA GEE, who specializes in Cosmetics, and Kabir Olaosebikan of Craft Planet Environment, who specializes in Waste Management, were each given N2 million, N1 million, and N750, 000 to support their respective businesses for placing first, second, and third in the competition, respectively.
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