From Abel Leonard

The KRP FEMA Training Facility in Akobo, Ibadan, became a hub of entrepreneurial activity as the Business Development Forum, organized by KRP FEMA in collaboration with the SOS CV Oyo State , achieved resounding success.

Daily Sun reports that the event brought together ecosystem actors and Micro, Small, and Medium Enterprises (MSMEs), highlighting a plethora of investment opportunities and innovative products, fostering collaboration and networking within the business community.

One of the standout achievements of the forum was the significant progress in business formalization.
According to the coordinator of the event, Ms. Kaneng Rwang-Pam the Executive Director of KRP FEMA in an interview with Daily Sun said 90% of participating MSMEs from the SOS FS Oyo Cohort 2 initiated the process of formalizing their businesses and complying with regulatory requirements through the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN). “Notably, 80% of these enterprises successfully obtained first-level SMEDAN registration, marking a crucial step towards legitimacy and growth.”
Ms. Kaneng said a total of 68 entrepreneurs had the opportunity to connect with four key ecosystem actors, including potential investors, customers, and industry partners. This network is expected to enhance funding access and market entry opportunities for many participants.

“The connections made here today are invaluable,” they pave the way for future collaborations and business growth.”

“Formalizing these businesses is a major milestone,” “It opens up numerous opportunities for funding, support, and market access that informal businesses often miss out on.”

“This event is a testament to the ongoing efforts to empower MSMEs in Oyo State,” “The outcomes and connections established today will contribute significantly to the growth and development of the state’s entrepreneurial ecosystem.”

Representative from NIRSAL Microfinance Bank, Mr Bankole Adewunmi added that access to finance was another critical focus of the forum, noting that Seventy percent of participating MSMEs began the process of opening business accounts with NIRSAL Microfinance Bank, setting the stage for improved financial management and access to credit.

“We are committed to supporting these enterprises in accessing the financial services they need to grow and thrive,” Bankole said.

In terms of market access, Mariam .A. an participant at the forum said the forum also facilitated valuable connections for her business. Forty percent of MSMEs engaged with the Federal Government’s Technology Incubation Centre (TIC) to enhance their processing, packaging, certification, and market linkages.

“Partnering with TIC has provided us with insights and resources to improve our products and reach a wider audience,”.

The forum was particularly impactful for young entrepreneurs, who received essential support and skills development from ecosystem actors. “The training and mentorship we’ve received have been transformative,” said Balogun Abiodun, a young entrepreneur. “It’s given us the confidence and tools we need to succeed in the marketplace.”