March 17, 2016, Lagos, Nigeria
Nwakego Eyisi, Director of Africa Region for The Afribiz Foundation, will speak today at the Nigeria Manufacturing Expo in Lagos. Ms. Eyisi’s presentation is on how Nigerian SMEs can access funding. Research has shown that while access to funding has been an issue for decades one the key underlying issues is project preparation – are SMEs ready to receive the resources and funding they are requesting?
In a recent interview, Aliko Dangote, one of the richest men in Africa, said that the economic constrictions that are due to the drop in oil price and its effect on the Nigerian economy is not a show stopper for his company because he was prepared for this eventuality. “This demonstrates a different position than many SMMEs hold. I can only guess, but his organization’s resilience would be in part due to its ability to adapt, find, and forecast new opportunities. Economic downturns don’t need to be an end to business, but they are certainly a test of them,” says Lauri Elliott, Executive Director of The Afribiz Foundation, “this is a mindset and skills that any SMME can acquire, however.”
Afribiz has been supporting SMMEs in Africa for over 12 years and from these experiences has developed a methodology called Venture Cultivation™, which empowers venture and project developers, SMMEs, and start-ups to mature their ventures. Like in child development, children receive more resources and responsibility as they mature. It is the same for ventures. The key to unlocking resources and funding is to have a sustainable business model. Afribiz is running Venture Cultivation™ programs in several Africa countries, including Nigeria, in the United States, and online.
Afribiz recently announced the launch of a new program – Agriculture, Infrastructure, Manufacturing, and Energy for Small and Medium Enterprises and Projects (AIME-SMEP). AIME-SMEP will identify, select, and co-develop venture and projects with the private sector to create more economic opportunities in stagnant or slowing African economies. “Nigeria is one of the first countries in Africa in which AIME-SMEP will operate. We look forward to seeing how the initiative will contribute to the growth of Nigeria’s economy,” shares Elliott.
AIME-SMEP will be officially launched at Charlotte Africa Business Week 2016.
For further information, visit www.afribiz.org.
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About The Afribiz Foundation
The Afribiz Foundation (TAF) serves as a lead catalyst of people-centric economic ecosystems. It is a member of the Afribiz family of entities, which represent an ecosystem economy, including Afribiz Group, Afribiz Ventures, Afribiz Trust, Afribiz Accelerators, Afribiz Trading, and Afribiz Intellimedia. Working as a holistic entity, Afribiz “creates new worlds of economic opportunities.” To learn more about Afribiz, view our brief.