The Enterprise Development Centre (EDC) has joined forces with International Energy Insurance (IEI) to equip small and medium enterprises (SMEs) in Nigeria with essential knowledge in risk management and insurance.
This strategic partnership is designed to provide SMEs with the tools they need to manage risks effectively, ensuring their sustainability and growth in the Nigerian market.
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As part of the initiative, EDC and IEI are developing a comprehensive curriculum, offering specialized training, and creating real-world case studies to enhance the learning experience. The partnership also includes the rebranding and upgrading of the EDC studio, sponsored by IEI, transforming it into a hub for interactive learning and professional development.
This upgraded studio will serve as a vital resource for SMEs, providing them with the knowledge and skills needed to navigate risks and secure their future.
Olawale Anifowoshe, Director of Programme and Partnership at EDC, Pan-Atlantic University, highlighted the significance of this collaboration. “This partnership represents a crucial step in empowering SMEs with the necessary knowledge and tools to navigate risks and secure their future. EDC and IEI are committed to fostering a robust support system for small and medium enterprises through this innovative educational initiative,” Anifowoshe stated.
Reflecting on past challenges, Anifowoshe recalled the aftermath of the ENDSARS protests in Lagos, where many businesses were destroyed. “Data showed that a large number of those businesses were not insured.
This prompted the Enterprise Development Centre to strengthen our relationship with an insurance company that offers clear products and strategies for small businesses to embrace risk management,” he explained.
Olasupo Sogelola, Managing Director and CEO of IEI, also emphasized the importance of supporting SMEs, noting that over 59.1 million Nigerians are employed in small and medium enterprises, with more than 41 million SMEs and MSMEs registered in the country. “Apart from providing a dedicated insurance product and risk management strategies for these SMEs and MSMEs, the partnership also extends to the Clear Pay Microfinance Bank, our sister organization, which provides funding support to them,” Sogelola said.
He expressed enthusiasm about the partnership, stating, “We are very excited about the opportunity this partnership presents because it means several SMEs will no longer have to worry about the risks associated with running day-to-day operations in Nigeria.”
This partnership marks a significant milestone in supporting the growth and resilience of SMEs in Nigeria, offering them the necessary tools and knowledge to thrive in a challenging business environment.
