Business
Foundation, FRC Train 100 MSMEs In New Financial Standards
The Impact Investors Foundation, in collaboration with the Global Steering Group for Impact Investment and the Financial Reporting Council of Nigeria, has boosted the capacity of over 100 Micro, Small and Medium Enterprises (MSMEs) on financial and sustainability professionals in the public and private sectors.
The training also exposed the participants to the adoption of the new International Sustainability Standards Board of International Financial Reporting Standard (IFRS), Sustainability Disclosure Standards.
The training was held in Lagos and Abuja to prepare companies in the country for the implementation of the IFRS Sustainability Disclosure Standards, which will help to create a global baseline of consistent, financial reporting, which would be useful for the investors’ decision-making, the organisations noted.
The workshops had representatives of listed and large corporates, SMEs, enterprise support organisations, investors, Chambers of Commerce, policymakers, financial regulators, professionals of the accounting profession, and academia in attendance.
In her opening remarks, the Chairperson for Nigeria’s National Advisory Board for Impact Investing Foundation, Mrs Ibukun Awosika, said conversations on impact transparency and measurement were important to position Nigeria for the benefits of impact investment and increase the flow of capital to the nation.
She said, “Having the right partners, working with the right organisations like FRC so that there is winning, to give value for companies who are willing to support what is a global vision. No matter what we say, if those who are regulators and operators do not have an understanding, we are missing the point.
“If there are nations of the world who should be at the edge of impact investing and benefit from it, then, definitely we should be number one. We have so much to do, to contend with and it affords us the opportunity to have our problems looked at from a different view and to consider the flow of capital into our country from different lenses”.
The CEO of Impact Investors Foundation, Ms Etemore Glover, said that increased transparency meant more opportunities for Foreign Direct Investment (FDIs), impact capital, partnerships and long-term value creation and sustainability of businesses.
She charged participants to be the champions of the International Sustainability Standards Board (ISSB) by adopting and implementing it for their businesses, while commending MTN Nigeria for getting its leaders on board as early adopters of the standards.
The Chief Policy Officer of Global Steering Group For Impact Investment (GSG), Mr Sebastian Welisiejko, explained that impact transparency was at the core of GSG’s mission as it would accelerate the advancement of impact-led economies.
He added that private capital flows to emerging economies, including Nigeria, were estimated to have declined by 22 per cent from 2019 to 2022, increasing the annual financing gap to meet the Sustainable Development Goals (SDGs).
“However, impact transparency can reverse the trend because providing adequate information on the social and environmental impact of businesses would encourage investment flow and bridge the SDG financing gap.
Kolomoni Microfinance Bank has awarded grants to five female entrepreneurs to boost their businesses as part of its commitment to promoting women in business.
The initiative, organized to mark International Women’s Day, was themed “Accelerate Her Growth.”
According to the bank, the decision to support women was inspired by World Bank data, which shows that 41 percent of Nigeria’s micro-businesses are owned by women.
Delivering the keynote address, business strategist, Ebun Akinwale, emphasized that entrepreneurship requires resilience, creativity, and passion.
She illustrated this by recounting her own business challenges and highlighting the critical role passion plays in overcoming obstacles.
The event underscored Kolomoni’s mission to empower women and support small businesses in Nigeria.
Other speakers at the occasion were Odunayo Oyebolu, a seasoned entrepreneur; Victori Ajiboye, a marketing strategist with global experience; and Simi Ojumu, a finance expert.
The beneficiaries said the financial support was a validation of their hard work and a boost of confidence towards scaling through in their businesses.
The winners were selected after sharing their entrepreneurial journeys and presenting business proposals for financial assistance from the bank.
The 8th edition of the Nigeria Small and Medium Enterprises (SMEs) Summit and Awards (Nigeria SMEAwards) is set to take place in Lagos for the first time in its history, marking a significant milestone for this prestigious event.
Endorsed by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), the annual awards celebrate the entrepreneurial spirit driving Nigeria’s economy.
The visionary convener of NigeriaSMEAwards 2025, Adedayo Olalekan, said, “Governors from Zamfara, Sokoto, Ebonyi, Borno, Enugu, Ekiti, Benue, and Kaduna States have all implemented transformative initiatives that have greatly benefitted local enterprises.
“Their contributions will serve as a beacon of inspiration for the nation.”
Speaking at a recent press conference in Lagos, Olalekan emphasised that the event would introduce a fresh and unique approach, moving away from tradition.
“Despite economic challenges, Nigerians continue to show an unwavering commitment to progress”, he said.
He noted that the awards will not only honor outstanding individuals, but also recognise the critical role state governments play in nurturing vibrant SMEs.
“State governments have been instrumental in fostering a supportive environment for SMEs, which in turn benefits both the awardees and the larger economy.
“With major banks like Providus, Access, and First Banks competing for top honors, the 8th NigeriaSMEAwards promises to be a night of celebration, recognising exceptional contributions to Nigeria’s SME landscape”, Olalekan added.
Amid global challenges such as inflation, geopolitical instability, and the ongoing conflict in Ukraine, Nigerians continue to show remarkable resilience.
Their efforts, according to reports, have contributed to job creation, economic growth, and overall prosperity, with SMEs at the forefront of this success.
This year’s awards will recognise governors who have made significant strides in advancing the SME sector within their states.
Small and Medium Enterprises (SMEs) consultants in Rivers State have called on entrepreneurs to be focused and avoid distractions.
The experts, who were speaking on the recent developments about the change of leadership in the state, said entrepreneurs need to put more efforts in their businesses in order to break even in the present situation in Rivers State.
Speaking in a chat with The Tide, an international SMEs consultant, Amb. Larry Goodwill Ajiola, said the political moves is capable of distracting SMEs who are not grounded in their businesses, adding that “the serious minded business men and women would utilise the opportunity to increase their revenues”.
Amb Ajiola, who is the President and Chief Executive Officer (CEO) of Rumuomasi Co-operative and Credit Society Limited, Port Harcourt, said, “Rugged entrepreneurs look out for business opportunities in situations around them, whether good or bad”.
He reiterated that the loan facility given to 3,000 SMEs in the state revived and expanded businesses, adding that the empowered businesses should continue to push, no matter the situation.
“credit is a powerful tool for achieving financial security.
“We can only keep imagin the economic value that the over 3,000 MSMEs would add to the positive economic dynamics of Rivers State and the Local Government Areas in terms of Gross Domestic Prooduct (GDP), increased tax returns, employment creation, income distribution, and production of goods and services”, he said.
Another SMEs Expert, a business consultant and SMEs trainer, Mr. Chisom Sam-Orji, in his advice, noted that every SME in the state should realize that change is the only constant thing.
He said SMEs should also know that “tough times never last, but tough people do”, adding the need for every entrepreneur to stay focused on creating value and remain resilient.
“This is not the time to be distracted by every noise around your space, but to maximize every time you have to focus on the essentials and keep creating value.
“For some people, it may just be the time to diversify, create new products and services to serve a new or existing market. But this must be based on the facts available to you via research and market surveys”, he said.
The SMEs expert also said the present time in the life of an entrepreneur is a time to cut off unnecessary excesses that surround one’s business.
“Those extra costs that may hamper your growth in this season and beyond, and focus on just essentials.
“SMEs should find certain leverages that are available to aid their business growth. This could be in form of grants, knowledge, and other leverage tools.
“Collaboration is one big way to grow in this season. Finding ways to collaborate with like minds instead of competing could enable a product or service gain advantage in the market and beyond.
“They should also find ways to sustain and grow their customer relationship as this is key to sustaining business flow. They must seek new and efficient ways to serve their customers and gain their loyalty”, he stated.
He further called on every entrepreneur to keep building capacity and never take their eyes off their visions, adding the need to muster every courage it takes to keep building and moving forward.
Lilian Peters