Federal Government Unveils ‘Business Champion Program’ to Boost Large and Medium-Scale Enterprises

In a significant move to bolster the growth of large and medium-scale enterprises, the Federal Government has introduced the “Business Champion Program,” a targeted intervention initiative aimed at propelling select businesses to new heights. Dr Jumoke Oduwole, the Special Adviser to the President on the Presidential Enabling Business Environment Council (PEBEC) and Investment, made the announcement at First Bank’s Nigeria Economic Outlook 2024 event on January 12, 2024.

The Business Champion Program stands out as one of the pivotal strategies underpinning PEBEC’s approach for 2024, as outlined by Dr Jumoke Oduwole during a panel session themed “Current Realities and Prospects.” Addressing the audience, she emphasized the need for a more tailored approach, stating, “Having worked with MSMEs for a few years, we realized that while systemic interventions from working on airports and seaports, we have to be more targeted.”

The program’s focal point is medium to larger-sized enterprises, with the first phase encompassing a pilot program involving approximately 25 carefully selected businesses. Criteria for selection include factors such as revenue, tax contributions, job creation, and export proceeds. Oduwole described the intervention as a “bespoke service” designed to assist companies in navigating the business climate from the government’s perspective.

Highlighting the rationale behind the intervention, Oduwole explained that the decision to shift models stemmed from the observation of an “osmosis” effect among larger businesses, leading to the clustering of stakeholders. She stressed the necessity of this new approach to accelerate economic growth, particularly in challenging times.

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Dr Jumoke Oduwole also shed light on the broader strategy pillars that PEBEC is set to implement in 2024. These include the Business Facilitation Act of 2022, sub-national interventions like the World Bank’s State Action on Business Enabling Reforms (SABER) Program, legislative reviews with a focus on the Omnibus bill, collaboration with state judiciaries to establish “Small Claims Courts,” and the aforementioned Business Champions Program.

The Business Facilitation Act of 2022, signed into law in February 2023, serves as a codification of Executive Order No. 001 from 2017. Sub-national interventions involve a $750 million grant available for implementation by states participating in the SABER program. Legislative efforts include a further review of the Omnibus bill, reflecting collaborative work with Civil Society Organizations (CSOs) to enhance business climate laws.

On the judicial front, efforts to establish “Small Claims Courts” in collaboration with state judiciaries have shown significant progress. At the start of 2023, eight states had implemented Small Claims Courts, and by the year’s end, 25 states had followed suit.

The unveiling of the Business Champion Program marks a crucial step towards fostering a conducive environment for the growth of large and medium-scale enterprises in Nigeria, aligning with the government’s commitment to economic development and resilience in the face of challenges.

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