The Federal Government of Nigeria intends to establish the Council for Small and Medium Scale Enterprises in Nigeria (SMEs) in order to assist the country’s more than 40 million small enterprises.
The Senior Special Assistant to the Vice President of Job Creations and SMEs, Tola Adekunle-Johnson, made this announcement Wednesday in Abuja during the graduation of 5,300 SMBs from Google’s Hustle Academy. With 4,400 participants from Nigeria and over 10,300 entrepreneurs having participated since the program’s launch in 2022, this graduation signified the program’s ongoing influence.
With a focus on the unique obstacles faced by small and medium-sized enterprises (SMBs) in Africa, The Hustle Academy provides tools and expertise to support the expansion of these companies.
According to Adekunle-Johnson, the SME Council was required because of the noteworthy contributions made by small enterprises to the Nigerian economy. She emphasised that SMEs require enormous support in order to prosper, particularly at this time.
The SSA on Job Creation and SMEs acknowledged Google’s efforts and stated that the FG will back the company’s initiatives.Charles Odii, the Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), affirmed the importance of supporting SMEs, stating that they are the backbone of any economy.
According to Odii, only 4% of all firms in the nation are global corporations like MTN, Google, and others; the remaining 96% are small, highly successful businesses. According to him, small and medium-sized businesses (SMBs) account for 80% of all jobs in the economy, and women between the ages of 20 and 60 lead roughly 72% of these companies.
While highlighting the need for support for small enterprises, Odii revealed that SMEDAN, the Office of the VP, the National Information Technology Development Association (NITDA), and the Lagos State Employment Trust Fund (LSETF) had all been offering substantial assistance.
According to Olumide Balogun, the Country Director for Google West Africa, alumni of the Hustle Academy were chosen from among Nigeria’s six geopolitical zones.
“These SMBs’ tenacity and drive are incredibly motivating. The Hustle Academy is proof of what can be accomplished with targeted instruction and resources. He said, “We are acknowledging their ability to alter and rejuvenate the Nigerian corporate sector today, not merely celebrating their graduation.
According to Balogun, out of the 10,000 SMEs, 4,400 were based in Nigeria. He pointed out that small enterprises continue to be the backbone of any economy. He claimed that among other things, the country’s small enterprises are dealing with increased challenges from inflation, currency volatility, cost of living, and insecurity.
Balogun cited the IMF when he stated that there is a $400 billion finance gap for several million SMEs in Sub-Saharan Africa. He further stated that small firms in the region require the necessary skills to increase their access to funding, and that “Google is ready to provide the tech skills to support their growth.”
Mojolaoluwa Aderemi-Makinde, Head of Brand and Reputation at Google, stated that meticulous procedures were followed in choosing 15 Nigerian SMEs from the Hustle Academy to receive the N75 million prize.
She explained that they were chosen from a pool of 100,000 applicants, which was then reduced to 30, and then from 30 to the top 15 candidates in the academy. She emphasised that Google’s main goal was to ensure that both businesses and Nigeria prosper.
