Abuja:Bilaad Development Trust has granted support to young entrepreneurs and is advocating for increased private-sector investment in Micro, Small and Medium Enterprises (MSMEs) to enhance job creation.
According to News Agency of Nigeria, Dr. Sadiq Suleiman-Abdullah, Chairman of Bilaad Realty Ltd., made this appeal during the fifth edition of the organization‚¬„¢s Gem Hunt project, themed ‘Roots to Riches: Building Nigeria’s Next Generation of Entrepreneurs.’ He highlighted that MSMEs and the informal sector significantly contribute to Nigeria’s economy, comprising over 60% of the Gross Domestic Product (GDP) and providing 80-90% of employment.
Despite their contributions, many small businesses face challenges such as high energy costs, limited digital economy access, inadequate mentorship, and poor credit access. The Gem Hunt project seeks to identify young entrepreneurs with innovative ideas and support their growth.
Suleiman-Abdullahi noted that the businesses showcased at the event span areas like Information Technology, renewable energy, agriculture, commodity trading, and fashion. He emphasized the need for funding, market linkages, and mentorship to help these entrepreneurs expand.
Many entrepreneurs have promising ideas but struggle to access conventional bank loans due to collateral requirements. Suleiman-Abdullahi urged oil companies, banks, and telecommunications firms to enhance their Corporate Social Responsibility (CSR) and impact investment funds targeting small businesses. He stated that while government efforts are limited, the private sector plays a crucial role in development.
BILAAD Development Trust has reached over 2,000 people through various initiatives, including entrepreneurship programs and scholarships. Suleiman-Abdullahi called on corporate partners to bolster support for young entrepreneurs and the MSME sector.
Mrs. Asabe Ahmed, former Minister of State for Agriculture and Food Security, praised young entrepreneurs for their skills and businesses despite limited sponsorship. She encouraged ongoing support beyond competitions to help their businesses grow, emphasizing the potential multiplier effect on communities.
Dr. Usman Bassi, CEO of BILAAD Realty Nigeria Ltd., highlighted entrepreneurship as vital for tackling unemployment and poverty. He commended participants for creating indigenous solutions and urged partners to help them build sustainable businesses. Bassi noted that small financial interventions could significantly impact business expansion and job creation.
Beneficiaries expressed gratitude to BILAAD and its partners for offering them opportunities to showcase their businesses and gain support.