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24 Aug
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FGN sets up PEBEC Business Champions Program for MSMEs

The federal government of Nigeria is set to establish the PEBEC Business Champions Programme, an intervention initiative aimed at supporting Micro, Small, and Medium-sized Enterprises (MSMEs) in the country. Dr. Jumoke Oduwole, the Special Adviser to President Bola Tinubu on Presidential Enabling Business Environment Council (PEBEC) and Investment, announced this as part of the PEBEC’s 2024 Outlook document.

The primary objective of the program is to address the challenges faced by MSMEs in Nigeria and assist them in navigating the business climate more effectively. It is structured into two segments, with a focus on medium-sized enterprises and larger businesses. The first segment aims to collaborate with medium-sized enterprises by providing them with tailored services to support their growth and success.

Approximately 25 businesses will be selected for participation in the program based on specific criteria, including revenue, tax contributions, job creation, sectors, and export proceeds. The second segment of the program targets larger businesses, specifically the 23 companies in Nigeria with annual revenues exceeding one billion dollars. This shift in approach aims to expedite economic growth, particularly during challenging times. By offering support to these larger businesses, the program seeks to stimulate economic activity and create more opportunities for job creation and revenue generation.

To create a more favorable business environment, law firms across the country have been engaged to review around 21 business laws, resulting in the formation of the Omnibus Act. This legislative intervention aims to address regulatory bottlenecks and streamline business processes. Additionally, the PEBEC is collaborating with state judiciaries to establish additional Small Claims Courts.

Overall, the PEBEC Business Champions Programme is a comprehensive initiative designed to support MSMEs in Nigeria, foster economic growth, and enhance the business environment for all stakeholders.

These courts aim to expedite and streamline the process of resolving commercial disputes, thereby improving the overall business climate in Nigeria. In addition, strategic communication interventions play a crucial role in this program. Oduwole stressed the significance of keeping businesses and stakeholders well-informed about the ongoing reforms and ensuring their understanding. This approach will foster trust and confidence in the business environment, ultimately attracting more investment and promoting growth.

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