By Peter Egwuatu

As part of their Corporate Social Responsibility (CRS) Diamond Bank Plc and Lagos Business School (LBS) are collaborating to building the future for entrepreneurs in Nigeria.

Diamond Bank has been deepening its engagement in the area of business education with emphasis on Micro Small and Medium Enterprise sector ( MSME) in Nigeria in the bid to promote sustainable entrepreneurship. In a partnership with the Enterprise Development Service (EDS) of the Pan-African University, Lagos Business School (LBS), the bank is currently training fifty entrepreneurs on how best to grow their businesses and become successful like the Bill Gates and Warren Buffets of this world.

Speaking at the programme heralding the training program in Lagos, Chidinma Lawanson, Preposition Head, MSMEs, Diamond Bank, said that business education for the entrepreneurs who were selected from the six geopolitical zones of the country was designed to provide solution to the high mortality rate among small businesses where “many entrepreneurs have a hard time getting to the end of year one.”

Lawanson stated that typically entrepreneurs start a business on a whim and get excited about an opportunity but end up being frustrated by the inability to do proper research, some of them run out of money, are confronted with certain challenges that make them close down for business after a few years.

According to the Preposition Head, “the business training termed “Building “Entrepreneurs Today” is part of the bank’s CSR initiative, which is also in line with the current initiatives of Diamond Bank
-BusinessXpress Enterprise Seminars. The project which is currently in progress will see participants going through a robust 30 days of intensive entrepreneurial management training.

Out of initial 50 people selected for the training, 15 of these top breed entrepreneurs would be further selected for what she called business development support. Finally, five outstanding entrepreneurs
from the 15 would qualify for the next level award which is a grant of N3 million each as a capital boasts in support of their businesses.

“Over 1500 entries were collected from the six geo political zones after which 200 entrepreneurs were shortlisted for interview with the process conducted by the EDS of Pan African University as Diamond Bank hadn’t the faculty to do such recruitment exercise which was based purely on merit. Certificate of participation will be awarded to each participant as they will become alumnus of EDS,” Lawanson stated.

She further said “ aside this CSR on building entrepreneurs which is currently in progress, other CSR worthy of mention which the Bank has undertaken include the following; construction of an Accident & Emergency Centre and renovation of the Primary Health Care Centre in the Obafemi / Owode Local Government Area, Mowe Ogun State in partnership with the Daniel Ogechi Akujobi Foundation to provide medical intervention to the community and road users; Diamond BusinessXpress Enterprise Series for micro, small, and medium entrepreneurs; Naija Diamonds-A six-part TV series proudly sponsored by Diamond Bank, in celebration of Nigeria’s 50th anniversary; renovation of the dormitory block complex and construction of access road & drainage to the dormitory of the Madonna School of the handicapped in Okpanam, Delta State to mention but a few.

For Peter Bamkole, Director, EDS, Pan African University, the essence of the entrepreneurship training is to transform the dreams of entrepreneurs into a profitable truth.

Bamkole stated that sincestudies had shown that entrepreneurship strengthens the economic growth of a nation, speeds up modernization and transforms way of thinking of the common man, it is imminent to equip them(entrepreneurs) with relevant knowledge which would further be translated to their businesses.addition,loans at a minimal interest rate should be encouraged, micro-credit funds be made available and the difficulties posed by multiple taxations resolved.