NNEW trains traders

NECA’s Network of Entrepreneurial Women (NNEW) has trained petty traders on book-keeping and the importance of financial records for business growth. NECA is Nigeria Employers’ Consultative Association

The training on ‘financial record keeping and tax education’ which was held in Lagos, under the Women’s Voice and Leadership Nigeria Project (WVL Project) was organised for Shomolu market women by NNEW in partnership with Actionaid.

Vice President, NNEW, Olakitan Wellington, said the training was to prevent traders from borrowing and having to pay back at exuberant interest rates due to lack of record-keeping and mismanagement of funds.

Citing COVID-19 intervention funds as an example, she noted that the funds were majorly accessible to people who had proper business records, leaving out the petty traders who deserve it but don’t have detailed financial records.

“There are so many opportunities for women to have access to funds but the financial institutions want to see the record of their business activities to know if they can manage and profit off the money they receive,” she said.

Head, Academy, NNEW, Folakemi Fatade emphasised the need to educate women on how to keep records of their businesses and their tax liabilities to the government so they know their businesses are legal entities.

She taught the women to keep records of everything that comes in and goes out of their businesses both credit and cash sales direct and indirect businesses costs.

According to her, the traders were taught how to pay themselves a salaries from their business and all personal expenses should be taken from there.

Market leader, Iyaloja General, Shomolu market, Florence Olufojude, expressed gratitude for the project, saying that it has helped the women know how to differentiate their profit from their product or service.

She explained that the women present at the training would take the information to their market meeting, which occurs bi-monthly and educate other traders.