IBD to Admit Small Business Owners at Community Levels

The Institute of Business Development (IBD) has announced plans to admit entrepreneurs from local communities in Abuja and its environs.

The Abuja District Chairman of the Institute, Mr Orkuma Hembe, said the decision to liberalise the membership criteria of the group would enable budding entrepreneurs at the local communities to get the mentorship and guidance they need to grow their respective businesses.

Speaking at the Institute’s annual conference and investiture ceremony held in Abuja, Hembe said Nigeria’s economy is underachieving, adding that developing small businesses is one of the ways the country can find its feet.

He added that opening up the Institute to MSME owners is their own contribution to the elevation of the country’s economy.

The event was attended by a couple of high level stakeholders and MSME owners mostly female entrepreneurs.

Some of the female participants who spoke to Economic Confidential said the event was helpful and timely, adding that they will make use of what they have learnt to improve productivity in their respective businesses.

Mrs Nonye Oladapo said: “From everything that has been said in this programme, we have learnt a lot and we will go back and start practising especially, the hydroponic process of producing crops.

“It is good they did this programme and we figured out that we have been lagging behind alot. We don’t have to keep depending on others for our livelihood when we can actually be innovative and invest in agribusiness.

“The government should try and provide these machines, like tractors and others to help us carry out our farming business more effectively and efficiently.”

Madam Mairo who declined to mention her surname, said: “I am very happy with the programme, and I did not regret coming. In fact, I have learnt a lot from the event, especially the fact that you don’t have to copy other people’s business ideas when you actually come up with your own idea and still excel in it.

“I have also learned that farming is very important. And the agricultural sector is lagging behind. The government should try and go to the local community just as they invite us to this event and provide us with the necessary tools we need to assist us in making farming faster and quicker.

“We really appreciate what they are doing by inviting us to this programme for us to learn and I want to say I have learnt a lot, and I will put into practice when I get back and also use the knowledge I have acquired to educate my fellow women.”

The concept note of the event traced the history of agriculture in the country and how it has been neglected by successive administrations.

The document also identified ways of relaunching agriculture into reckoning and restoring it as the mainstay of the economy.

“The agricultural sector is seen as an engine that contributes to the growth of the overall economy of Nigeria, despite these efforts the sector is still characterized with low yields, low level of inputs and limited areas under cultivation due to government dependence on mono-cultural economy based on oil.

“Agriculture was the mainstay of Nigeria’s economy before the discovery of crude oil. From 1960 to 1969, the sector accounted for an average of 57.0% of GDP and generated 64.5% of export earnings.

“From 1970 to late 2000s, the sector’s contribution to GDP and export earnings steadily declined, because Nigeria focus shifted to petroleum exploration. Over the past five years, the sector has contributed an average of 23.5% to GDP and generated 5.1% of export earnings.

“Innovation in agribusiness value chain is a process of introducing new ideas, products, services, and processes to the agricultural sector. It involves the application of technology and innovative business models to improve the efficiency of the agricultural value chain.

“The value chain includes all activities involved in the production, processing, distribution, and consumption of agricultural products. Innovation in agribusiness value chain can help unlock the potential of smallholder farmers and improve their livelihoods by increasing their productivity and income. It can also help reduce food waste and improve food security by improving the efficiency of the supply chain.

“Agriculture has been an important sector in the Nigerian economy in the past decades, and is still a major sector despite the oil boom; basically it provides employment opportunities for the teeming population, eradicates poverty and contributes to the growth of the economy.

“Major challenges and constraints faced by Agribusiness in Nigeria include lack of adequate funding, poor record keeping and information management, lack of proper business plan and management skills/knowledge, weak legal system (safety, protection of property rights, effective administration of justice); taxes and regulation (unfair competition, regulation); lack of crucial infrastructural facilities, corruption (quality of the relationship with public services); broader macroeconomic environment (crime, political instability, fluctuating exchange rates, inflation).

“Arising from the development above, the Institute is poised to bring all the identified issues and the relevant stakeholders all on the same table for a deep introspection and dissection of the issues thereof with a view of developing a comprehensive and inclusive framework for the promotion of Agribusiness activities within the ECOWAS region as a first start to building a strong continental business that will be competitive in the struggle for global market shares. The institute in exercising their professional relevance will continue to be the mechanism and platform for the promotion of Agribusiness to contribute to the collective economic growth of Nigeria, ensure self-reliance, regional trade integration, quality and sustainable supply.

“Accordingly, the Institute will be holding this annual conference to bring together all the stakeholders for regional and global policy analysis, dialogue, comparative analysis and advocacy on creating enabling environment.”

According to the document, “the key objectives of the conference is to create a stimulating and brainstorming presentations that will encourage and enable the revitalization of Nigerian’s economy through Agribusiness, Entrepreneurship, and Investment in Digital Age. It is argued that Nigeria’s agricultural sector requires massive investments to increase production and to create value addition across the most profitable segments of the value chain.

“In order to examine Nigeria’s agricultural value chain, there is need to focus on veritable Agribusinesses. Also, to develop strategies for upgrading the production and processing segments of the agricultural value chain.

“Furthermore, the conference will also discuss and support the drive to increase productivity and competitiveness of the agricultural sector in Nigeria and device a means to boost Agribusiness by developing a programme of identifying young, creative entrepreneurs who will launch promising new tech solutions to transform  agriculture for smallholder farmers.

“This conference is of high strategic importance as it comes at a time when Nigerian Economy needs a turnaround mechanism for a productive economic system.

“Nigeria has the capacity to produce and export goods and services that will stimulate and build a sustainable economy. For a country, which is facing an acute shortage in food production as a result of a combination of growing insecurity, continued rise in the cost of moving farm produce to markets, instability in the nation’s foreign exchange market, and youth restlessness, any policy or programme capable of stimulating interest in agriculture will always take a centre stage in public discussion.

“The conference will also provide a platform for discussion on the current Agribusiness value chain scenarios, their activities, mode of operation, key challenges encountered, opportunities identified and the way forward.Key questions to be discussed during the conference include:How can small businesses at the grass root level and the challenges confronting them be properly captured in the national business database? Who are the stakeholders and what roles do they play in the development of sustainable Agribusiness ecosystem?

“How can we build synergies around the stakeholders to promote the Agribusiness development and stimulate international trade to attract foreign investors? How can we develop viable business groups that can compare and compete favorably with their counterparts globally?

“Does the present state of the business environment in Nigeria promote sustainability?How can we create a patient back-end capital funding for Agribusiness?How do we guarantee the security of Agribusiness loan?What are the main constraints that affect Agribusiness in Nigeria? What priority reforms should be put in place in order to remove the major constraints to healthy and smooth business practices in Nigeria? What need to be done to spur growth in the private sector in Nigeria?

“How can we ensure mass affordability, appeal and availability of standard goods and services?”