FCTA Moves To Strengthen SMEs For Global Competition

By: Sunday Shekwonya

Driven by the passion and dedication to improve the socio-economic lives of the residents of the nation’s capital, the Federal Capital Territory Administration (FCTA) has expressed its commitment to strengthen Small and Medium Enterprises (SMEs) to enable them compete favourably in the global market.

Accordingly, the aim of this is to improve the standard of living of the residents of the FCT and to ensure that the growth of the Gross Domestic Product (GDP).

The Acting Head of the Civil Service of the FCT, Mrs. Grace Adayilo, said this while addressing stakeholders at the 11th Annual Edition of the ‘Business 360°’ organized by the Abuja Enterprise Agency (AEA) at the AEA Complex, Mabushi District, Abuja, Thursday.

Adayilo emphasized that the FCT Administration in line with the ‘Renewed Hope Agenda’ of President Bola Tinubu is giving much priority to the entrepreneurs by supporting them to build their businesses through offering of favorable loans and other financial grants.

The Head of Service, while delivering her address at the event with a theme: “Creative branding, Innovative packaging as Enterprise Promotion Tools for Market Acceptability”, opined that ‘when one retires from new ideologies, the person becomes expired instantly in the contemporary environment.’

She advised the entrepreneurs to always remain keen in conceiving and innovating new business ideas to enable them compete conveniently at the international level.

Speaking earlier, the Acting Managing Director and Chief Executive Officer (CEO) of Abuja Enterprise Agency, Mr. Chudi Ugwuada-Ezirigwe, explained that ‘Business 360°’ is an initiative designed to serve as a platform to address and offer solutions to highlight bottlenecks usually encountered by Micro, Small and Medium Enterprises (MSMEs).

UgwuadaEzirigwe revealed that ‘Business 360°’ seeks to address the contemporary challenges bedevilling the MSMEs: limited access to market, inadequate knowledge on regulatory requirements and bottlenecks, limited access to credit from financial institutions exacerbated by the high interest rates, stringent collateral requirements, underdeveloped infrastructural state of the nation, among others.

His Words: “In line with Agency’s desire towards addressing and overcoming these challenges that the ‘Business 360°’ was initiated as a platform where Business Regulatory institutions, Public and Private Business Practitioners and other business experts are invited to enlighten and educate MSMEs on best possible ways to mitigate the identified challenges and provide them with contemporary Business Best Practices.”

He called on the entrepreneurs not to be discouraged by the predicaments and challenges of their businesses but rather confront them with bravery; adding that every business risk taker is a successful business individual, who smiles at the appropriate and ripe time.

Also speaking at the occasion, the Project Lead, Job Creation and MSMEs, Office of the Vice President, Prince Shina Agoi, said that packaging enhances the purchasing decision of consumers and reflects the identity of a company among other functions.

Agoi charged the potential entrepreneurs to develop creative and innovative mind sets in order to ensure success in their endeavours and to aid in their competitiveness at the global market.