UNIDO trains entrepreneurs on improved financial literacy

The United Nations Industrial Development Organisation (UNIDO) through its Investment and Technology Promotion Office (ITPO) has offered to train young Nigerian entrepreneurs in the non-oil sector on innovative solutions for enhanced financial literacy.

The initiative, it said, was borne out of its discovery that most business owners have not measured up to the international standards of enterprise development, a situation that had created a lull in the sector’s growth.

Senior Advisor, UNIDO-ITPO, Stanislaw Pigon, who led the team of experts that trained the entrepreneurs over the weekend in Lagos, said the initiative focuses on identification, preparation, promotion and implementation of investment projects for the participants.

To support government’s efforts at attracting investment and technology for industrial development, Pigon noted that they were partnering with other government agencies like the Bank of Industry (BoI), Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Small and Medium Enterprises Development Agency of Nigeria and the University of Lagos to train the participants.

He noted that UNIDO/ITPO was honing the project formulation and appraisal skills of the youth, who operate in the non-oil sector with its refined computer model for feasibility analysis and reporting (COMFAR) Lite.

“We are engaging states in this regard. We are in Niger State talking on how to grow the Shea Butter industry and we have started a flagship programme in Sokoto. While we are also trying to develop the stone sector in Ogun State, we are committed to growing the Lagos fashion hub.    

“We are investing in capacity building in the context of the Third Industrial Development Decade for Africa. Our trainings are aimed at developing business incubation management systems, providing counseling and training services for Nigerian businesses,” he stated.

He explained that COMFAR Lite is a state-of-the art investment project analysis tool that, through its interactive and intuitive modules, allows even less experienced entrepreneurs to present their business ideas.

Pigon added that the software is used to scale-up enterprises, which would lead to job creation in local communities across the country.
Head, UNIDO/ITPO Nigeria, Adebisi Olumodimu, said the innovation was to improve entrepreneurs’ bank readiness, capabilities to formulate and implement business ideas of international standard.