EDC, IEI Launch Initiative For SMEs Risk Management

The Enterprise Development Centre (EDC) and International Energy Insurance (IEI) have forged a strategic partnership to bolster the support system for small and medium enterprises (SMEs) in Nigeria.

This collaboration aims to provide critical risk management and insurance knowledge, enhancing the sustainability and growth potential of SMEs across the nation.

The partnership will develop a specialised curriculum focused on risk management and insurance for SMEs. SMEs will benefit from specialized training sessions and real-world case studies designed to enhance their understanding and application of risk management strategies.

IEI has sponsored the rebranding and upgrading of the EDC studio, transforming it into a state-of-the-art hub for interactive learning and professional development. The upgraded studio will offer SMEs the necessary tools to effectively manage risks and secure their future.

Director of Programme and Partnership at EDC, Pan-Atlantic University, Mr. Olawale Anifowoshe, underscored the importance of this partnership in empowering SMEs with essential knowledge and tools for risk management. He highlighted the impact of the ENDSARS protest on uninsured businesses, which underscored the need for comprehensive risk management education for SMEs.

Managing Director/Chief Executive Officer (CEO) of IEI, Mr. Olasupo Sogelola, emphasised the significance of supporting SMEs, noting that over 59.1 million Nigerians are employed by SMEs, and more than 41 million SMEs and MSMEs have been registered in Nigeria.

He mentioned that the partnership also includes Clear Pay Microfinance Bank, which will provide funding support to SMEs and MSMEs. Mr. Sogelola expressed excitement about the opportunity to mitigate risks for SMEs through dedicated insurance products and strategies.

The partnership between EDC and IEI represents a significant step towards fostering a robust support system for SMEs in Nigeria.  In providing targeted risk management education and resources, the collaboration aims to enhance the resilience and growth potential of small businesses. This initiative is poised to help SMEs navigate challenges and secure their future effectively, contributing to the overall economic development of Nigeria.