International Finance Corporation (IFC), the private sector arm of the World Bank is partnering with Diamond Bank Plc on enterprise governance training modules targeted at SMEs in Nigeria.
The initiative is to help entrepreneurs gain the skills needed to succeed in building sustainable businesses that create wealth and jobs.
The governance modules cover several topics such as managing relations, implementing enterprise governance, managing risk and planning for business continuity.
The pilot scheme was made possible by feedback from a survey of up to 50 MSMEs in January 2013 that formed the basis for the Nigerian Market Based Enterprise Governance training curriculum which was used at the training at Federal Palace Hotel recently.
Mr. Reginald Nworka, an SME Development Specialist with IFC, in an interview said the partnership is a great opportunity for people to improve their lives and escape poverty.
He noted that what the initiative intends to achieve was to extract people from poverty circle and launch them to a realm of prosperity through empowerment.
Nworka said the corporation shares the same vision with Diamond Bank to support services in training and empowering entrepreneurs in Nigeria.
The SMEs specialist who described the partnership as a welcome development that would open up more opportunities for Nigerian entrepreneurs said the scheme has the capacity to reach out to empower as many Nigerians that can take advantage of the initiative.
Head Retail Banking, Diamond Bank, Mr. Jude Anele speaking in the same vein said the bank is partnering with the IFC in order to help solve the challenges that entrepreneurs in the country face in doing business, noting that the partnership also seeks to improve on the quality of the products that the sector exports in order to become more competitive in the international markets.
“What we are working on now is to help the micro, small and medium enterprises (MSMEs) in the level of governance through technical assistance aimed at facilitating entrepreneurs with business edge modules that can help improve business performance.
Most companies fail because they lack control and structure, we believe lack of governance, control and structure lead to high mortality especially when it has to be a one man business. We believe that if business is well structured, it will be able to succeed its owner.
That’s why the partnership with IFC will also train business owners in human resource management, access to markets and market information as well as financial management,” he said.
Anele noted that the bank is planning to create an online club where owners of SMEs could advertise their products and services and share information that will add value to their businesses.
He called on the entrepreneurs in the country to take advantage of the programme to grow their businesses.
Also speaking, Mr. Innocent Eleogu, Managing Director Logus Investment Limited who commended Diamond Bank for the vision of empowering entrepreneurs said the partnership would go a long way to bring support for this segment of the economy which has been neglected.
“I have not seen any bank that has taken this bold step, this action will help in greater bonding between the customers and the bank. In the long run if my business grows to outlive me which I believe is one of the purposes why I want to be empowered, then the glory will go to Diamond Bank. The major challenge of MSME is that it usually dies with the owners but with this initiative from Diamond Bank many will out lived their owners. I think the benefit is very enormous, I commend Diamond Bank to do more of this training, it will help us to grow,” he said.
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