Stanbic IBTC, LBS to Enhance Capacity for Agri-business Entrepreneurs

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By Ebere Nwoji

Stanbic IBTC Bank Plc has gone into partnership with the Enterprise Development Centre (EDC) of the Lagos Business School, to host a capacity building series tagged: ‘Agri-Business Small and Medium Enterprises Investment Scheme (AGSMEIS).’

The forum was targeted at operators in agric businesses in the country.

The bank said the move was in furtherance of its commitment to help stimulate and grow a strong and viable small and medium scale enterprises sector in Nigeria.

The bank said the AGSMEIS capacity training would last between Tuesday, February 26th 2019 to Wednesday, March 6th 2019.

It further said the programme offers a wide array of banking solutions as well as funding, skills acquisition and other support to the SME sector.

The Agri-Business Small and Medium Enterprises Investment Scheme is an initiative of the Bankers’ Committee to provide support to and complement the federal government’s efforts at promoting Agri-businesses/Small and Medium Enterprises as a vehicle for sustainable economic development and employment generation.

The scheme, essentially addresses capacity building, technical assistance to Micro, Small and Medium Enterprises (MSMEs) and their funding challenges through Participating Financial Institutions (PFIs).

Head, Enterprise Banking, Stanbic IBTC Bank Plc, Ayodele Ojosipe, while speaking on the training, reiterated the bank’s commitment to providing the right support and solutions for individuals and businesses to achieve their goals.

“Stanbic IBTC’s commitment to building capacity among enterprises stems from its deep understanding of the important role enterprises play in providing linkages to industries, employment generation and driving growth of the economy,” he stated.

He added that the seminar includes essential topics such as Understanding your Market (Competition Analysis, Marketing Plan, Segmentation); Operation and Business Model; Business Plan (Template review and Development); and Understanding the AGSMEIS Application Process Pitching Activity.

He said Stanbic IBTC Bank boasts of highly trained and motivated staff with the requisite expertise in enterprise financing and support.

According to him, the AGSMEIS initiative requires all deposit money banks to set aside five per cent of their annual profit after tax (PAT); and as of December 2017, about N26 billion had accrued from all deposit money banks for the scheme.

The fund is domiciled with the Central Bank of Nigeria and applicants are expected to be trained and certified by any of the CBN approved Entrepreneurial Development Centres which include the Lagos Business School, House of Tara, Fate Foundation, Thrive Agric and others to access the loan.

Head of Business Banking at Stanbic IBTC Bank, Remy Osuagwu, reaffirmed the bank’s commitment to supporting enterprises.

According to Osuagwu, “Our key mandate of financial intermediation ensures that we are mindful of providing the right support and solutions for individuals and businesses to achieve their goals and this workshop represents another opportunity for Stanbic IBTC Bank to help develop and sharpen participants’ business skills.”

He explained that as part of its support for small and medium scale enterprises, Stanbic IBTC regularly organises trainings for enterprise operators, adding that among other benefits, the trainings seek to equip enterprise operators with financial, marketing, and management skills that they can readily apply to transform their businesses to grow their bottom lines and ensure business continuity.