In a significant stride towards fostering economic growth and entrepreneurship in Nigeria, First City Monument Bank (FCMB) has unveiled a groundbreaking accelerator programme aimed at upskilling and nurturing over 1 million small and medium-sized enterprises (SMEs) in the country. In collaboration with SkillPaddy and other industry experts, the initiative seeks to equip startups and existing businesses with the essential skills and resources needed to cultivate innovative products and services, explore new markets, and expedite their overall growth.
The strategic move by FCMB is supported by a Technical Assistance grant totaling N511.7 million, with N284.7 million from Proparco, the private-sector arm of the French Development Agency, and an additional N227 million from the African Development Bank (AfDB). These funds will play a pivotal role in facilitating the successful onboarding and empowerment of SMEs, with a specific focus on women entrepreneurs and those operating in high-impact sectors such as agriculture, renewable energy, and digital innovations.
To kickstart this transformative initiative, FCMB has already awarded N50 million in grants to 200 SMEs that actively participated in the inaugural training session. The announcement was made during an event commemorating Global Entrepreneurship Week 2023, underscoring the bank’s commitment to driving economic development through entrepreneurial empowerment.
George Ogbonnaya, FCMB’s Group Head of SME Banking, emphasized the bank’s dedication to inspiring Nigerians to pursue their entrepreneurial dreams. He stated, “The FCMB Accelerator Programme reaffirms our dedication to empowering businesses effectively. We want to inspire Nigerians to pursue their entrepreneurial dreams and build a portfolio of ready businesses that can transform Nigeria’s economy.”
A noteworthy aspect of FCMB’s commitment is the support extended to women-led SMEs. Through mentorship and access to finance, the bank aims to empower women entrepreneurs, fostering inclusivity and diversity in the business landscape. Ogbonnaya added, “Through mentorship and access to finance, we will continue to empower these incredible entrepreneurs.”
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This collaboration between FCMB and SkillPaddy has been heralded as a potential game-changer for SMEs in Nigeria. Kunle Erinle, Founder and CEO of SkillPaddy, emphasized the transformative impact this partnership could have on SMEs, stating, “By accelerating productivity, we can unlock doors of opportunity for startups and existing businesses, ultimately boosting Nigeria’s economic growth.”
The sentiment was echoed by Oladimeji Olanrewaju, CEO of Sweet Indulgence by Bakhita, who expressed gratitude to FCMB for the opportunity. “I am grateful to FCMB for this opportunity and look forward to scaling up my business through the programme,” Olanrewaju shared, highlighting the tangible impact the initiative has on individual entrepreneurs.
As FCMB paves the way for a new era of SME growth and empowerment in Nigeria, the accelerator programme stands as a testament to the bank’s commitment to driving economic development and fostering a thriving entrepreneurial ecosystem.
Source: This Day Live
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