The Nigerian federal government and Procter and Gamble (P&G) have signed a Memorandum of Understanding to collaborate on a public-private partnership initiative to launch the SME Development Academy. The initiative was concluded by the Minister of State for Industry, Trade and Investment and the local P&G division.
The strategic partnership was expected to leverage the ministry's SME Academy Program, which aims at delivering structured skills training, advisory and mentoring activities, and services for selected Nigerian SMEs.
The country has more than 38 million SMEs, and the number is growing with university graduates unable to find jobs in the formal job market every year. One of the best means to develop SMEs is to provide an enabling environment and to develop entrepreneurs’ skills levels on how to manage and grow their businesses successfully.
Interestingly, P&G itself started with two SMEs in the US, and today has grown into a multinational conglomerate.
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