‘SMEs can have access to Lagos State’s N25bn Fund by September’

Babatunde Durosinmi-Etti, Lagos State commissioner for wealth creation and employment, said the N25 Billion Lagos Employment Trust Fund will come into operation next month.

Durosinmi-Etti, who was represented by Wale John at the Lagos Chamber of Commerce and Industry (LCCI)’s matching of mentees with mentors held weekend, said the fund will enable small businesses to have access to cheap credit for expansion.

“We are looking at having sustainable businesses in Lagos,” said the commissioner.

At the event, the Lagos Chamber of Commerce and Industry (LCCI) matched 52 mentees with their mentors, marking the beginning of an eight-week capacity building session.

Mentors are experienced entrepreneurs and experts who train young SME owners on how to grow their businesses, while mentees represent students of these mentors.

For three years running the LCCI, through its Business Education Services and Training (BEST) unit, has held mentorship programmes for young and dynamic small business owners, with a view to ensuring they get the requisite skills needed to manage businesses in the 21^st Century.

In continuation of this process, the LCCI matched 52 mentees with their mentors weekend, stating that  this is part of its corporate social responsibility targeted at developing the country’s youth and making them responsible citizens.

“This is a professional relationship in which an experienced person (the mentor) assists another (the mentee) in developing specific skills and knowledge that will enhance the less experienced person’s professional and personal growth,” said Nike Akande, president, LCCI, who was represented by Agnes Shobanjo, vice-president of the chamber.

“It is an informal method of education which enables high-impact and quick connections to be made across enterprises. These connections transcend location, vocation, and generations, enabling individuals to brainstorm, innovate, create and develop breakthrough ideas on how to improve their business processes as well as solve problems     facing their businesses,” Akande said, adding that the chamber focuses the developmental initiative on the youth as a means of investing in their future, thereby guaranteeing better  tomorrow for Nigeria.

Some of the mentors selected by the chamber to tutor the 52 entrepreneurs are George Onafowokan,managing director/ CEO of Coleman Wires and Cables; John Tudy Kachikwu, CEO of Jon Tudy Interbiz and chairman of LCCI’s SME Group; Ayo Teriba, CEO of Economic Associates, among others.

Soboma Ajumogobia, chairman of BEST unit of the LCCI, said the chamber is determined to assist the mentees in overcoming the challenges of the business environment, given the prevailing economic situation, urging the mentees to  seize the opportunity to network with their predecessors.

“The journey has been quite interesting. We accredited and selected 70 young entrepreneurs for the 2016 mentoring programme. Fifty-two bright young men and women with really bright future ahead are eligible to be matched,” Ajumogobia said.

Paul Angya, director-general, Standards Organisation of Nigeria (SON), who was represented by Kehinde Mojisola, south-west coordinator of SON, urged the mentees to be innovative and quality conscious.

According to Angya, good quality enables entrepreneurs to overcome competition, urging the chamber to incorporate quality assurance into its training programme.

George Onafowokan,CEO of Coleman Wires and Cables, said Nigeria needs dynamic entrepreneurs, given the current economic quagmire, stressing the need to have an SME and private sector-driven economy.

He urged the mentees to take a cue from Coleman Wires and Cables, which grew from a small busness to the largest cable producer in West Africa.

 

ODINAKA ANUDU