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The federal government has unveiled plans to introduce the PEBEC Nigeria Business Champions Programme, an intervention initiative focused on strengthening Micro, Small, and Medium-sized Enterprises (MSMEs) in Nigeria.
Dr. Jumoke Oduwole, the Special Adviser to President Bola Tinubu on Presidential Enabling Business Environment Council (PEBEC) and Investment, disclosed this as part of the PEBEC’s 2024 Outlook document.
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The program is divided into two segments. The first segment involves collaboration with medium-sized enterprises, where a pilot cohort of approximately 25 businesses will receive tailored services to navigate the business climate more effectively.
Selection criteria include factors such as revenue, tax contributions, job creation, sectors, and export proceeds.
The second part of the program targets larger businesses, specifically the 23 companies with annual revenues exceeding one billion dollars in Nigeria. This adjusted approach aims to expedite economic growth during challenging times.
Oduwole highlighted legislative intervention, involving a comprehensive review of the Omnibus Act. Over 40 law firms across the country volunteered their expertise to review approximately 21 business laws, leading to the formation of the Act.
Additionally, the PEBEC is collaborating with state judiciaries to establish more Small Claims Courts. Oduwole emphasized the importance of strategic communication interventions to ensure widespread awareness and understanding of the reforms among businesses and stakeholders.
The PEBEC, established in 2016, oversees business environment interventions in Nigeria. The PEBEC Business Champions Programme aligns with President Tinubu’s Renewed Hope Agenda, aiming to enhance the business landscape and stimulate economic growth.
