Stanbic IBTC Partners FATE Foundation, Upskills Thousands Of SMEs

In its commitment to upskilling and improving Small and Medium Scale Enterprises (SMEs), Stanbic IBTC Bank, in partnership with the FATE foundation, has trained 2000 SMEs in Nigeria.

BrandNewsDay reports that the training of SMEs is in line with the financial institution’s mandate of driving business growth and building capacities to create successful enterprises in the country.

Nnaemeka Obasi, Head, of Enterprise Banking (SME) Stanbic IBTC Bank, stated that the organisation created the SME Capacity Building Program to support business owners across Nigeria. SMEs are regarded as the engine rooms of economies as well as important catalysts in a nation’s development.

He said: “At Stanbic IBTC, we recognise the importance of SMEs to the nation’s economy. The Stanbic IBTC SME Capacity Building Program is aimed at equipping SMEs with the skills and competencies to build sound and viable businesses, improve their capacity to access the available credit, and enhance their ability for efficient funds utilisation.”

“The program was created to educate various business owners across various sectors. Each course had 10 modules, and each module had video lessons, graded quizzes, and downloadable workbooks,” Nnaemeka added.

The Head, of Enterprise Banking (SME) Stanbic IBTC Bank, noted that the capacity-building sessions were designed to enlighten and empower the entrepreneurs.

Nnaemeka Obasi, Head, of Enterprise Banking (SME) Stanbic IBTC Bank, stated that the financial institution implemented the capacity building program for individuals through online training and advisory sessions to enable business growth in the SME sector.

According to him: “SMEs are recognised as the main engine for growth and development because of their significant contributions to the nation’s gross domestic product (GDP). It is not in doubt that many developed countries who enjoy a growing and booming economy today, attribute most of their achievements to a flourishing SME sector.”

“Due to their numerous numbers, size and nature of operations, the role of SMEs in promoting indigenous sources of growth and creating viable businesses for accelerated economic expansion and development cannot be overlooked. We have demonstrated our commitment to SMEs by training and upskilling them in their various business fields. We are confident that these capacity sessions will give their businesses a significant boost in the years to come,” Nnaemeka said.

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The bank also hosted the 2022 Stanbic IBTC Africa China Trade Expo, a two-day hybrid conference and exhibition themed: ‘Synergy for Growth’. This event was put together to promote synergies between the Africa-China trade community with a unique focus on export.

The conference featured seasoned professionals and experts from the Nigerian Export Promotion Council (NEPC), the Chinese consulate and Standard Bank.

Other exhibitors that featured at the event include Zeenab Export Nigeria Limited and Zhejiang International Trading Supply Chain Company (Guomao). Another highlight of the event was the display of exporters from Nigeria and China at the virtual exhibition.