The Federal Government of Nigeria has signed a Memorandum of Understanding (MoU), with Procter & Gamble (P&G), to launch the Small to Medium Enterprise (SME) Development Academy.
The MoU was signed in Abuja on Friday by the Minister of State for Industry, Trade and Investment, Hajiya Aisha Abubakar, and P&G‘s Director of Government Relations for Africa, Temitope Iluyemi.
The aim of the partnership include the following:
- To initiate the launch of the SMEs Academy Programme.
- To train SME Academy participants on key financial management principles and expose them to financial literacy.
- To enable SMEs contribute to the development of the country by becoming employers of labour.
- To enhance the skills of SMEs to be more competitive and operate on the global stage.
After the signing of the MoU, the Minister of State for Industry, Trade and Investment said the following:
“This partnership is one that we hope will open up the space for SMEs to contribute to the development of this country and for them to also become employers of labour. SMEs have proven to be an important part of our economy, hence the need to help them scale up and achieve more. This partnership with P&G could not have come at a better time.
“The ministry is pleased that this public private partnership will support the programme of the government to train SME Academy participants on key financial management principles and expose them to financial literacy, improve their access to finance and promote business ethics.”
About Procter & Gamble – Procter & Gamble, otherwise known as P&G, is an American multi-national consumer goods corporation headquartered in downtown Cincinnati, Ohio.
Founded in 1837 by an English-American, William Procter, and an Irish-American, James Gamble, the company specialises in a wide range of personal health/consumer health, and personal hygiene products.
These products are organised into several segments including Beauty, Grooming, Health Care, Fabric & Home Care, Baby Care, Feminine & Family Care, etc.
In Nigeria, P&G ‘s Agbara plant manufactures pampers and other personal hygiene products for women and children. In July 2018, Nairametrics reported that the company was planning to shut down its multi-billion naira plant due to competition.
The company, however, clarified that it is “exiting” its Agbara plant as part of restructuring exercise in its Nigeria Operations; not due to stiff competition as we earlier reported.