In a bid to strengthen financial literacy and management capability of Small and Medium Scale Enterprises, the Oyo State government has organized a training with the theme: Financial Planning & Management Strategies: Cash Management, Financial analysis & Debt Management for the beneficiaries of intervention grants for SMEs operators in the State.
The training which was put together by Oyo-NG Cares Result Area 3 in collaboration with a consultancy firm, ACME Professionals, has so far been held in five geo-political zones in the State.
The zones are Ibadan zone 1 & 2 held on the 2nd and 3rd December, 2024 at Ibadan Civic Centre, Idi-Ape, Ibadan; Oyo zone on 5th & 6th December at MLM Cooperative building, beside Joba Pharmacy, Owode Oyo; Ogbomoso zone between 9-10 December at Ragaray Hotel, off Ogbomoso-Ilorin road, Isale General, Ogbomoso and Oke-Ogun zone 1 & 2 held today December 12 at Queen Events Centre, along Oja-Agbe road, beside Federal Road Safety office, Iseyin respectively.
The programme was designed to equip the beneficiaries of the intervention grant with the essential financial skills and knowledge, enabling them to tackle business challenges, foster growth, ensure sustainability and optimise the use of grant resources.
While addressing the participants, the Director-General, Oyo State Investment & Public/Private Partnership Agency (OYSIPPA), Mr Olatilewa Folami stated that the training is a testament to the Oyo State government’s continued commitment to support the economic growth and development in the state, adding that the government has made business growing its topmost priority.
His words: The government has given the SMEs operators this grant but it is not enough to give them grants without giving them training that will help them in managing their businesses both in good times and in bad times.”
In his remark, the Chief Executive Officer (CEO) of ACME Professionals that organised the programme, Mr Wahab Olalere expressed appreciation to the Oyo State government under the leadership of Engr. Seyi Makinde for its decision to give the SMEs operators the opportunity to learn how to manage their finances more effectively through the training.
He stressed further that the training will no doubt allow the participants to contribute more effectively to the economic development of the State by the time they inject the knowledge acquired into their businesses.
Also speaking, the Training Coordinator, Alhaji Ajibola Hamzat stressed that the training was organized because of the importance the government attached to SMEs to drive the economy in the state.
In a lecture titled: Overview of Small & Medium Scale Enterprises in Nigeria; Prospects & Opportunities delivered by Dr. Morakinyo Kunle Oloyede, he stressed that the SMEs play an important role in Nigeria’s economic growth, as they constitute 97.2℅ of the companies in Nigeria.
He added that they also contribute to national development by positively influencing the distribution of income in both functional and nominal terms.
Dr. Morakinyo, who identified insufficient capital, inexperience, lack of focus and succession plan as well as lack of proper book keeping as some of the factors responsible for premature death of SMEs, however, concluded that despite the challenges the future of SMEs is promising, with the immense potential for growth and innovation.
Lectures were also delivered by various businesses and financial experts, followed by questions and answers sessions while certificate of participation was issued to each of the participants at the end of the training.
Some of the participants, Rafiu Akeem, Olatunji Abiodun George, Adeoti Inoussa and Awosanya Oluwabusola Victoria, in their separate reactions, said the seminar has given them an insight to what will enhance their business growth and how to tackle challenges they might encounter in the day to day running of their business activities.
They praised the Oyo state government and the private firm that organised the training, ACME Professionals, for putting together such an educational training, which they described as an eye opener.
Meanwhile the last batch of the training programme for Ibarapa zone will take place on Monday 16th and Tuesday 17th December at New Eruwa City Hall, Eruwa.
