We're Working on a Blueprint to Support The Apprenticeship Style of Trading, Says FG

• The Nigerian government has said that it will develop plans to replicate the Igbo apprenticeship style of trade
• The government said the scheme would benefit the recipients by allowing Nigerians to create wealth
• The government said it will empower small businesses across the country to scale-up and develop

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Nigerian government has created a nationwide blueprint to support and replicate the Igbo apprenticeship trade style.

The senior special assistant to Nigeria’s president, Bola Tinubu, disclosed this while briefing journalists on job creation and MSMEs.

FG to develop plans to replicate the Igbo apprenticeship scheme

The presidential aide said that the blueprint will seek to encourage the style among business owners across the country with the government’s support.

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The Igbo Apprenticeship Model is a traditional business model that has existed for centuries in Nigeria and is critical for wealth transfer and creation.

It involves an experienced business owner taking on an apprentice who understudies him, with the apprentice settled with cash and other items to support him.

Winners will receive houses, cars, cash gift

To encourage small business owners in Nigeria, Adekunle-Johnson said that winners of this year’s Micro, Small and Medium Enterprises (MSMEs) award will receive gifts, including cars, a house, and cash.

The News Agency of Nigeria (NAN) reports that the award is part of some of the activities organised by the Federal Government in collaboration with organisations and companies to mark this year’s World MSMEs Week. It aims to support innovation, standardisation, and scaling and encourage small businesses to compete favourably with their foreign counterparts.

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According to him, the application portal for the award will be open between May 1 and 30 for MSME operators to submit applications for consideration.

The applicants are expected to submit the best small-scale businesses, which will be rewarded with sports utility Vehicles, blocks of houses, and financial grants in June.

He added that the government is organising expanded MSME clinics in Abuja that would focus on providing a platform for MSMEs to exhibit businesses, gain access to on-site investments, and develop the five core areas of MSME development: funding, skill development, infrastructure, access to markets, and technology.

He said: 

"This will enable them to exhibit businesses, gain access to on-site investments, and develop the five core areas of MSMEs, which include funding, skill development, infrastructure, and access to markets and technology.

"The MSMEs award is an annual activity to honour outstanding indigenous MSMES and recognise their efforts, as well as those of the States, in contributing to the growth of small businesses in the country.”

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Also speaking, the director of the SME desk at Standard Organisation of Nigeria, Phebean Arumemi, said the national competition is a platform for Nigerian SMEs to showcase investment opportunities in their businesses. 

Arumemi said it will enable the SMEs to take advantage of the Africa Intercontinental Free Trade Area (AfCFTA).  

She said:

“One of the major determinants of the award is the applicant’s video. The video will help the judges assess you and your business, and winners will be selected.”

FG begins sharing N200bn to small business owners

Legit.ng reported that the Nigerian government will soon begin the loan disbursement procedure for micro, small, and medium enterprises (MSMEs) under the N200 billion Presidential Intervention Fund initiative.

President Bola Tinubu launched the initiative on October 17, 2023, to ease the removal of the petrol subsidy and other economic effects on Nigerians.

The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, said on Monday, April 22, 2024, that the decision was taken following the success of the ongoing disbursements targeted at supporting one million nano businesses nationwide.

Source: Legit.ng