FG Launches "Business Champion Program" for Large and Medium-Scale Enterprises
Tuesday 16 January 2024
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In a significant move aimed at fostering economic growth, the Federal Government has unveiled the "Business Champion Program" – an intervention initiative specifically tailored for large and medium-scale enterprises. Dr Jumoke Oduwole, the Special Adviser to the President on Presidential Enabling Business Environment Council (PEBEC) and Investment, made the announcement at First Bank's Nigeria Economic Outlook 2024 event on January 12, 2024.
The Business Champion Program, one of the five strategy pillars for PEBEC in 2024, is designed to address the unique needs of medium to larger-sized enterprises. Dr Jumoke Oduwole emphasized the program's dual focus, including a pilot program for approximately 25 selected businesses based on criteria such as revenue, tax contributions, job creation, and export proceeds. The intervention aims to provide a personalized service to help these companies navigate the business climate, particularly from the government's perspective. CONTINUE READING.....
Highlighting the rationale behind the intervention, Dr Jumoke Oduwole pointed out the observed "osmosis" effect among larger businesses, leading to stakeholder clustering. The new approach is intended to accelerate economic growth in challenging times.
PEBEC's five strategy pillars for 2024 were outlined during the event:
1. Business Facilitation Act of 2022: Enacted in February 2023, this Act codifies Executive Order No. 001 from 2017.
2. Sub-national Interventions: PEBEC will collaborate with states participating in the World Bank's State Action on Business Enabling Reforms (SABER) Program-for-Results, offering a $750 million grant for implementation. CONTINUE READING.....
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3. Legislative Front: A review of the Omnibus bill will continue in 2024, building on the collaborative efforts of Civil Society Organizations (CSOs) in 2023.
4. Judicial Front: PEBEC plans to work with state judiciaries to facilitate the establishment of "Small Claims Court," building on the success of the initiative in 2023.
5. Business Champions Program: The newly launched intervention program targeting large and medium-scale enterprises for bespoke government support.
This multi-faceted approach reflects the Federal Government's commitment to fostering a conducive business environment and driving economic development in Nigeria.
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