Source: Tribune Online
The Association of Cottage Industrialists of Nigeria (ACIN) has announced plans to empower over 980,000 nanoenterprises through comprehensive training programs nationwide. This initiative is designed to enhance the productivity and sustainability of small businesses, particularly those involved in manufacturing, farming, animal husbandry, and agricultural value chains.
During a briefing in Abuja, Amb. Oluwasegun Mulemora, ACIN’s National Executive Secretary, highlighted the crucial role of training and information sharing in empowering small businesses. Key aspects of the initiative include:
- Cluster-Based Approach: ACIN operates through a structured network comprising state groups and smaller cluster groups, with each cluster consisting of 25 members.
- Zero-Interest Loans: Members can access zero-interest loans through the ACIN app, subject to a minimal management fee to cover administrative costs.
- Loan Guarantee System: To ensure loan security, the association employs a robust guarantee framework that requires multiple guarantors, including civil servants.
Mulemora urged key stakeholders, such as the Bank of Industry (BOI) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), to collaborate with ACIN in funding disbursement to small businesses:
- Bank of Industry’s Contribution: ACIN aims to secure 10,000 loan slots from the BOI to support its members.
- Support from SMEDAN: The agency has reaffirmed its commitment to empowering nano and small enterprises across the country.
The training programs will be implemented across all 774 local government areas to ensure inclusivity. With a membership base of 6,000 enterprises, ACIN’s structure emphasizes broad representation:
- 50% Women Participation
- 30% Youth Involvement
- 20% Consultant Membership
ACIN operates in all 36 states and the FCT, establishing itself as a vital player in Nigeria’s nano, micro, and small enterprise ecosystem.
To ensure loan repayments and program sustainability, ACIN has adopted innovative measures, such as deducting ₦100 from the collective funds of state clusters to offset individual loan defaults.
This initiative underscores ACIN’s dedication to fostering economic growth, reducing unemployment, and promoting entrepreneurship at the grassroots level, solidifying its role in driving sustainable development across Nigeria.
