Context
Poverty and underemployment are widespread in Nigeria: almost half of the working-age population is unemployed or underemployed. This primarily affects young people between the ages of 15 and 29.
Micro, small and medium-sized enterprises (MSMEs) account for 50 percent of economic growth and are responsible for 84 percent of employment. Nevertheless, an unfavorable economic policy framework, insufficient entrepreneurial skills and a lack of access to financial services are hindering their long-term development.
Objective
Employment and income opportunities for small enterprises in selected sectors have improved.
Approach
The project supports the development of MSMEs in three areas:
1. It improves the economic policy framework for MSMEs by holding public-private dialogue and advising state agencies on issues such as registration, mediation and taxation.
2. To promote local economic development, the project supports value chains, including various food sectors, along with cosmetics, clothing, leather and e-commerce. Activities are carried out in the capital, Abuja, in the northern states of Kaduna, Kano, Kebbi, Niger and Plateau, and in the southern states of Abia, Edo, Lagos, Ogun and Oyo.
3. The project promotes careers guidance for young people and business skills development by working with training providers and schools. It also improves access to financial services in collaboration with the Central Bank of Nigeria, the Development Bank of Nigeria and microfinance banks.
The project is cofinanced by the European Community. The consulting firms GOPA Worldwide Consultants, GOPA, and AFC Agriculture provide support with implementation.