Institute launches new initiative to bridge funding gap for SMEs

The Institute of Entrepreneurship and Apprenticeship Management and Administration (IEAMA) has launched its flagship programme, Finance Meet Entrepreneur 2025, aimed at connecting small and medium-scale enterprises (SMEs) with financial institutions to drive economic growth in Nigeria.

At the inaugural event held in Lagos, the IEAMA inducted new members while emphasising the critical role of microfinance banks in empowering entrepreneurs and reducing poverty across the country.

Speaking at the event, Acting Registrar of IEAMA, Jerry Ibeh, said the institute was established to professionalize entrepreneurship in Nigeria, particularly by formalizing the indigenous Igbo apprenticeship system known as IgbaBoy.

“We are looking at professionalizing entrepreneurs, starting from the IgbaBoy system we have in Igbo land. When you look at the whole economy in Nigeria, this sector is growing because of this particular set of people,” Ibeh said.

He explained that IEAMA serves as a bridge between entrepreneurs and the financial sector, ensuring that members who receive loans utilize them appropriately. “There are financial institutions that will work with the institute to make sure people, after they get the entrepreneurial skill, are empowered. We will go ahead to monitor to make sure if you collect 20 naira from the bank, you will utilise it in what you collected it for,” he stated.

The institute has partnered with the National Youth Service Corps (NYSC) through its Skill Acquisition and Entrepreneurship Development (SAED) programme, training corps members in entrepreneurial skills.

Acting Provost of Lagos State Cooperative College, Dr Adebosin Gbadebo, who delivered a keynote address, noted that small and medium-scale enterprises account for approximately 96 per cent of businesses in Nigeria and contribute about 40 per cent to the gross domestic product.

“Without finance, you can’t do any business. The Nigerian economy relies heavily on the existence of small and medium-scale enterprises,” Gbadebo said, adding that over 800 microfinance banks currently operate in Nigeria as of 2025.

He identified four categories of businesses: nano businesses with a yearly turnover of less than N3 million; micro businesses with turnover between N3-5 million; small businesses with N25-29 million turnover; and medium businesses with up to 200 employees.