Here are the main agencies supporting small businesses and investment in Nigeria. Read through this list to select an agency to partner with in line with the nature of your business.
Manufacturer Association of Nigeria (MAN)
MAN was formed as a company limited by guarantee to perform important roles on behalf of its members. It was established as a national industrial association in 1971.
The activities of MAN are focused on sectoral group interactions.
The list of sectoral groups includes:
Food, Beverages and Tobacco .
Chemicals and pharmaceutical
Domestic and industrial plastic, rubber and foam.
Basic metal, iron and steel, and fabricated metal products.
Pulp, paper and paper products, printing and publishing.
Electrical and electronics.
Textile, weaving, apparel, carpet, leather and leather footwear.
Wood and wood products including furniture.
Non-metallic mineral products.
Motor vehicle’ and miscellaneous Assembly.
MAN export group.
Functions of Manufacturer Association of Nigeria (MAN)
This industrial association perform the following functions among many;
It encourages the patronage of Nigerian made products by Nigerians and foreigners.
It encourages high standard of quality for member’s products through the collation and the provision of advice.
It provides’ for manufacturers venue for formulating and influencing general policy, in regard to industrial matters.
National Association of Small And Medium Enterprises (NASME)
It is a private sector organization in Nigeria. Its membership is drawn from small and medium scale enterprises. It is devoted’ to networking capacity building, policy advocacy and promotion of the performance of its members firms and operators. NASME works to improve the welfare of its members and make input in industrial policy.
Analysis and publications from NAMSE on business environment, competitive enlightenment and policy making are useful to Nigerian entrepreneurs.
Member firms of NASME face the daily challenge of unsupported macroeconomic environment.
Nigerian Association of Chambers Of Commerce, Industry, Mines and Agriculture (NACCIMA)
This body is a voluntary association of manufacturers, merchants, mines, farmers, financiers, industrialists, trade groups who network together for the principal objectives of promoting, protecting and improving business environment for micro and macro benefits. The first Chamber of Commerce in Nigeria, the Lagos Chamber of Commence was founded in 1988 while NACCIMA, the umbrella organization for all chambers of Commerce in Nigeria was established in 1960.
Roles of NACCIMA
It contributes to the socio-politico-economic development of Nigeria.
It provides a network of national and international business contacts and opportunities.
It promotes and develops all matters affecting commerce, industry, mines and agriculture and other forms of private economic activities.
It considers legislative and other measures affecting commerce, industry, mines and agriculture in Nigeria.
Small and Medium Enterprises Development Agency of Nigeria (SMEDAN)
This body was established to promote the development of micro, small and medium Enterprises (MSME). Its mission is to facilitate the access of micro, small and medium entrepreneurs/investors to all resources required for their development. Its vision is to establish a structured and efficient micro, small and medium enterprises sector that will enhance sustainable development of Nigeria.
If SMEDAN functions optimally it will be one of the most veritable channels to combat poverty.
Like any other agency of its kind, harsh economic condition couple with week government institutions does not help its performance.
National Poverty Eradication Programme (NAPEP)
This programme aimed at poverty eradication and empowerment. There are four major intervention schemes in Nigeria’s current poverty eradication programme.
One is Youth Empowerment Scheme (YES), it is targeted at youth. YES is more than employment scheme as it is aimed at the provision of training opportunities, skills acquisition, employment opportunities, wealth creation through enhanced income generation, improved social status and rural development.
It is primarily aimed at the economic empowerment of Nigerian youths. Its impact is still below expectation.
Micro Finance Institutions (MFIS)
Microfinance banks are financial institutions that are purposely set up to meet the credit needs of artisans, traders, farmers, rural people, poor people in urban areas etc. The Central Bank of Nigeria issued out a directive for community banks to increase their capital base and convert to Microfinance Financial Institutions.
the rural and urban poor, artisans, farmers, petty traders, vulcaniser, etc. CBN gave a directive to all erstwhile community Banks to convert to MFls by recapitalizing to meet the new guidelines for the setting up of MFls. One of the challenges microfinance face in Nigeria is that they do not reach to great number of poor Nigerians. The effect of not appropriately addressing this situation would further accentuate poverty and slow down economic growth and development.
Small and Medium Industries Equity Investment Scheme (SMIEIS)
SMIEIS request that all Nigerian banks currently in operation set aside ten percent (10%) of their Profit After Tax (PAT) for equity investment and promotion of small and medium scale businesses in Nigeria. This 10% PAT is collected yearly and used for economic development by investing the funds in small and medium enterprises as part of the contribution of the banking sector to the government efforts at stimulating growth of local small scale ventures and technology. There are strict guidelines laid down to be a beneficiary of this agency in order to endure maximum utilization of the funds provided.