How Entrepreneurs can benefit from the Nigerian Government.
Entrepreneurs can benefit from the Nigerian government in several ways. Here are a few examples:
By giving them access to funding:
The Nigerian government provides funding opportunities to entrepreneurs through various schemes and programs. For instance, the Central Bank of Nigeria has established several programs to support small and medium-sized enterprises (SMEs), including the Micro, Small and Medium Enterprises Development Fund, the Anchor Borrowers Program, and the Commercial Agriculture Credit Scheme. Entrepreneurs can also access funding through government agencies like the Bank of Industry and the Nigerian Export-Import Bank.
New data has shown Fidelity, FBN Holdings, and Guaranty Trust Holding Company recorded the most support for Small and Medium Enterprises (SMEs) growth in Africa’s biggest economy.
BusinessDay Analysis of Fidelity Bank, FBN Holding, GTCO, Zenith Bank, Stanbic IBTC Holdings, Union Bank, Access Bank, and Sterling Bank financial books showed they recorded a cumulative contribution to the Small and Medium Enterprises Equity Investment scheme (SMEEIS) of N22.6 billion, up 6.6 percent from N21.2 billion in September 2021.
The SMEEIS is a voluntary initiative of the Bankers’ Committee which was in response to the Federal Government’s concerns and policy measures for the promotion of SMEs as vehicles for rapid industrialisation, sustainable economic development, poverty alleviation, and employment generation.
Source: https://businessday.ng/companies/article/fidelity-first-bank-gtco-lead-peers-in-smes-support/
Regulatory support:
The Nigerian government has established regulatory frameworks to support the growth of entrepreneurship. The Corporate Affairs Commission (CAC) is responsible for the registration of businesses and the issuance of business certificates. The government has also established tax incentives for SMEs, such as tax exemptions and reductions, to encourage entrepreneurship and stimulate economic growth.
Business support services:
The Nigerian government provides various business support services to entrepreneurs, including training, mentoring, and incubation services. The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) provides training and support services to SMEs across various sectors. The National Information Technology Development Agency (NITDA) also provides incubation services to tech startups through its StartUp Friday program.
Infrastructure support:
The Nigerian government is investing in infrastructure to support entrepreneurship, including the provision of power, transport, and telecommunications infrastructure. The government is also investing in the development of technology hubs, such as the Lagos Technology Park and the Abuja Technology Village.
In conclusion, entrepreneurs can benefit from the Nigerian government through access to funding, regulatory support, business support services, and infrastructure support. Entrepreneurs can take advantage of these opportunities to start and grow their businesses and contribute to the development of Nigeria's economy.
