BY CHIKA OKEKE, Abuja
The Bilaad Development Trust has encouraged financial institutions, oil companies, telecommunications firms and other profitable businesses to increase its Corporate Social Responsibility (CSR) by funding Micro, Small and Medium Enterprises (MSMEs) in the country.
This was even as the realty firm identified funding, market linkages and mentorship as crucial areas requiring urgent intervention to enable young entrepreneurs expand their businesses.
Chairman of Bilaad Realty Limited, Dr Sadiq Suleiman-Abdullahi stated this in Kaduna at the fifth edition of the organisation’s Gem Hunt project with the theme: “Roots to Riches: Building Nigeria’s Next Generation of Entrepreneurs.”
He lamented that many entrepreneurs have viable and investable ideas but cannot access conventional bank loans due to huge collateral requirements.
“Government, whether national or subnational, is limited to three things: territorial defence, regulation and foreign policy. Most development efforts are done by the organised private sector,” he said.
Suleiman-Abdullahi noted that BILAAD Development Trust had reached more than 2,000 people through initiatives including entrepreneurship programmes, Ramadan feeding programmes and local and foreign scholarships.
He informed that Nigeria has saleable talents but needed to address gaps in funding, mentorship, energy and Information Technology infrastructure.
Suleiman-Abdullahi hinted that MSMEs and the broader informal sector contributed more than 60 per cent of Nigeria’s Gross Domestic Product (GDP) and accounted for between 80 and 90 per cent of employment.
He lamented that many small businesses, in spite of their contribution to the economy, faced challenges including high energy costs, limited access to the digital economy, inadequate mentorship and poor access to credit.
The chairman was optimistic that the project provided an opportunity to identify young entrepreneurs with innovative ideas and explore ways of supporting them to overcome the challenges.
Suleiman-Abdullahi stated that the businesses presented at the event covered five broad areas, including Information Technology, renewable energy, agriculture, commodity trading and fashion.
The chairman praised Bilaad partners supporting the project, encouraging corporate organisations to increase support for young entrepreneurs and the MSME sector.
Former Minister of State for Agriculture and Food Security, Mrs Asabe Ahmed hailed the young entrepreneurs for developing skills and businesses irrespective of limited access to sponsorship and scholarships.
Ahmed enjoined individuals and organisations to support the contestants beyond the competition through funding and mentorship to enable their businesses to grow.
“This is also an opportunity for each and every one of us to reach out to these other kids and see what we can do to help their startups or at least encourage what they are already doing,” she said.
She noted that supporting young entrepreneurs could have a significant multiplier effect, saying that the contestants had demonstrated resilience by identifying gaps in their communities and developing solutions.
Chief Executive Officer of BILAAD Realty Nigeria Limited, Dr Usman Bassi informed that entrepreneurship is critical to addressing unemployment, poverty and brain drain in Nigeria.
Bassi stated that the contestants demonstrated that local challenges could be converted into opportunities for wealth creation.
He praised the participants for developing indigenous solutions and promoting local content, especially in areas related to sustainability and climate change, pleading with partners to support the entrepreneurs to build sustainable businesses.
Bassi informed that entrepreneurs did not require huge startup capital, adding that most contestants sought between N1 million and N2 million to scale their businesses.
“It’s not about the money; it’s the idea and the resilience,” he added.
He was optimistic that small financial intervention could help young entrepreneurs expand their businesses, create jobs and contribute to addressing challenges in society.
Some beneficiaries appreciated BILAAD and its partners for providing them with opportunities to showcase their businesses and access support.
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