CEM REPORT, BUSINESS | In a bold move to propel economic growth, the Nigerian government is launching a bespoke initiative dubbed, the Business Champion Programme, specifically tailored to boost the performance of large and medium-scale businesses.
Jumoke Oduwole, Special Adviser to the President on the Presidential Enabling Business Environment Council (PEBEC) and Investment, unveiled the program, highlighting its potential to unlock faster economic expansion.
“Having worked with MSMEs for a few years, we realised that while systemic interventions from working on airports and seaports, we must be more targeted,” she stated.
Business Champion Two-Phase Approach
The program promises a two-pronged approach. The first phase involves a pilot program focusing on 25 handpicked medium-sized enterprises. Selection will be based on rigorous criteria, including revenue, tax contributions, job creation, and export performance.
“The Business Champion intervention targets medium to larger-sized industries and there are two parts to that programme. The first part is to work with medium-sized enterprises and have a pilot programme of about 25 of them.”
These companies will receive personalized support from PEBEC, acting as their guide through the often-complex maze of government regulations and bureaucratic hurdles.
For the billion-dollar giants, the program offers a more holistic approach. Recognizing the “osmosis effect” where large companies attract supporting industries and stakeholders, PEBEC aims to foster a thriving ecosystem around these champions. This includes streamlining regulatory processes, facilitating access to financing, and providing targeted support for specific industry challenges.
Oduwole lamented that only 23 companies in Nigeria boast annual revenues exceeding $1 billion, compared to 334 across Africa.
“With only 23 companies exceeding $1 billion in annual revenue compared to Africa’s total of 334, we need to do more to nurture homegrown giants,” Dr. Oduwole emphasized.
This stark statistic highlights the untapped potential of Nigeria’s corporate giants, and the Business Champion Programme aims to bridge this gap.
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She added that the intervention will be like a bespoke service to help those companies navigate the business climate from the government side.
“We’ll work hand-in-hand with these companies, navigating the business environment from the government side and removing roadblocks to their growth.”
Beyond Business Champions: A Multi-Pronged Approach:
The Business Champion Programme is just one piece of a comprehensive five-pronged strategy driving PEBEC’s efforts. Other key initiatives include:
Implementing the Business Facilitation Act of 2022: Codifying Executive Order No. 001, this act streamlines business regulations and reduces bureaucratic hurdles.
Sub-national Interventions: Leveraging the World Bank’s $750 million SABER program-for-results, PEBEC is empowering states to improve their business environments.
Refining the Omnibus Bill: Building on the collaborative efforts of Civil Society Organizations in 2023, PEBEC plans another round of revisions to further optimize business-related legislation.
Expanding Access to Justice: Partnering with state judiciaries, PEBEC is accelerating the rollout of Small Claims Courts, which have grown from 8 to 25 in just one year.
This strategic shift marks a departure from past efforts focused primarily on Micro, Small and Medium Enterprises (MSMEs).
