In a bid to bolster the economic landscape and enhance support for larger enterprises, the Federal Government of Nigeria is set to roll out the “Business Champion Program,” according to an announcement by Dr Jumoke Oduwole, the Special Adviser to the President on the Presidential Enabling Business Environment Council (PEBEC) and Investment.
This initiative was unveiled at First Bank’s Nigeria Economic Outlook 2024 during a panel session on January 12, 2024, themed: “Current Realities and Prospects.”
Dr Jumoke Oduwole emphasized that the Business Champion Program is one of the key strategy pillars that PEBEC will be focusing on throughout 2024. The program aims to provide targeted interventions for medium to larger-sized enterprises, recognizing the unique challenges and contributions of these businesses to the Nigerian economy.
The program will select businesses based on specific criteria, including revenue, tax contributions, job creation, and export proceeds. This ensures a tailored approach to addressing the needs of enterprises that significantly impact the economy.
Oduwole highlighted that the intervention will offer a “bespoke service” to help the chosen companies navigate the business climate from the government’s perspective. This individualized support aims to facilitate smoother operations and foster growth for the selected enterprises.
The program is particularly focused on larger businesses, with an emphasis on the 23 companies in Nigeria that have annual revenues exceeding $1 billion. This targeted approach acknowledges the distinct challenges and opportunities faced by these larger enterprises in the Nigerian business landscape.
The decision to implement the Business Champion Program stems from the observation that larger businesses create an “osmosis” effect, leading to the clustering of stakeholders.
Dr Jumoke Oduwole emphasized the need for a new approach to expedite growth in the economy during challenging times.
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