ACIN to Coach 980,000 Nano Businesses Nationwide

The Association of Cottage Industrialists of Nigeria (ACIN) has unveiled plans to empower over 980,000 nano enterprises through extensive training programs across Nigeria. ACIN Initiative will help with loan and other benefits.

ACIN Initiative To Boost Productivity and Sustainability of Small Businesses 

Note that ACIN initiative aims to boost the productivity and sustainability of small businesses, especially in manufacturing, farming, animal husbandry, and agricultural value chains.

Speaking on Wednesday in Abuja, the National Executive Secretary of ACIN, Amb. Oluwasegun Mulemora, emphasised the need to share information on new developments as a means to boost the productivity of nanoenterprises in Nigeria.

Mulemora explained that, “If you have a close relationship with us (ACIN), in each state, we have what we call a group in the state.

Inside that group in the state, we have what we call a cluster group. Inside that cluster group, we have 25 people under a cluster group.

“We have an app that we are using to give loans at zero interest rate to our members; however, we charge them a management fee because of some administrative charges. That is the only thing we charge them on the loan.”

He lamented that “our capacity is so low that we cannot do exploits. We cannot do more than what we have done, and we want to go downstream to make sure we train small business holders.”

Other Key Highlights of ACIN Initiatives 

• Cluster-Based Model: ACIN operates through a structured network of state groups and cluster groups, each consisting of 25 members.
• Zero-Interest Loans: Members can access loans through an ACIN app at zero interest, with only a minimal management fee for administrative purposes.
• Loan Guarantee System: The association uses a robust guarantee framework, requiring multiple guarantors, including civil servants, to ensure loan safety.

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The New Initiative Encourages Inclusivity 

The training programs will be conducted across all 774 local government areas, ensuring inclusivity. ACIN, with a membership base of 6,000 enterprises, boasts:

• 50% Women Participation
• 30% Youth Representation
• 20% Consultants

Mulemora called on the Bank of Industry (BOI) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to work directly with ACIN in disbursing funds to small businesses.

• BOI’s Role: ACIN seeks to secure 10,000 loan slots from the BOI to support its members.
• SMEDAN’s Support: The agency reaffirmed its commitment to empowering nano and small enterprises across Nigeria.