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SMES: DIAMOND BANK EXPLAINS MOTIVE FOR CAPACITY BUILDING

By NBF News
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Head, Micro, Small and Medium Enterprises (MSMEs) of Diamond Bank Plc, Mr. Chima Nnadozie, has explained the motive of building capacity for Small and Medium Scale Enterprises (SMEs), noting that it was meant to bridge the knowledge gap and introduce them to best practices.

Speaking at the Diamond Bank 14th BusinessXpress Enteprise Series seminar held at Golden Tulip Hotel Enugu, he said the Bank noticed that one of the factors militating against the growth of young entrepreneurs is lack of capacity building as many of them did not have opportunity to attend business schools or any form of training in business management while some went into business unprepared.

He noted that the seminar also offer participants a platform for networking as they interact with those in similar or complementary businesses.

As part of its Corporate Social Responsibility, Nnadozie said the Bank has paid for 50 entrepreneurs to be trained at its expense while about 6000 customers have so far benefited from an N18 billion loan for MSMEs.

This loan scheme, Nnadozie explained, is a special loan package, that recognized that fact that this small businesses do not have the collaterals or meet the normal conditions for bank loans and the loans range from one to ten million naira.

Also speaking at the event, Chairman of Manufacturing Association of Nigeria (MAN) Anambra, Ebonyi and Enugu branch, Dr. Chike Obidigbo blamed government for the high failure of business enterprises in Nigeria.

He insisted that business failure rate in Nigeria is very high and one of the major causes is government and described government as an enemy of businessmen and investors.

Also, Obidigbo want bank to take risk and invest in the manufacturing sector of the nation's economy by giving long term loans to investors because there would be no long term planning without a long term fund.

Speaking on 'Critical Factors for successful Skill Acquisition and Entrepreneur Development' Obidigbo, who is the Managing Director and Chief Executive Officer of Hardes/Dromedas Industry Limited Enugu stated that government has closed many businesses in the country as well as failed to provide an enabling environment for businesses and the productive sector to thrive.

Obidigbo described the BusinessXpress seminar as a great opportunity for young entrepreneurs and pointed out that capacity building and human development should be the duty of government.

He admonished young entrepreneurs to go for knowledge and not be tired of learning as well as get some practical experience before setting out if the desire to be successful because bunnies needs determination and patience and the most deadly challenges are at the beginning of the venture.He advised banks that when giving out money to young entrepreneurs they should also mentor and monitor them and not just give out money and go to sleep.

In his remarks, Mr.Olugbolahan Mark George of Mark George Consultants explained that the idea behind the seminar is to help young entrepreneurs to overcome the challenges that confront small and Medium Scale entrepreneurs in Nigeria.