Key to inclusive growth in Nigeria is building small businesses: Diamond Bank CEO

In a recent interview with CNBC Africa, Uzoma Dozie, the CEO of Diamond Bank, emphasized the importance of building small businesses as the key to creating inclusive growth in Nigeria. The World Economic Forum has identified unemployment in Africa as a major issue, with a significant portion stemming from the lack of adequately educated workers. Dozie highlighted the crucial role of small businesses in any economy, noting that they account for 70% of GDP and are the largest employers of labor. Diamond Bank, along with other private sector entities, is focusing on enabling small businesses in Nigeria to become sustainable, create jobs, and stimulate demand in the market. By providing support and resources to small businesses, the hope is to spur job creation and economic growth. Additionally, the Central Bank of Nigeria has been allocating foreign exchange to small businesses, allowing them to purchase raw materials and input to drive their operations. Dozie acknowledged the need for collaboration between the private sector and the government in addressing the skills gap in the workforce. He emphasized the changing dynamics of the modern world, where digital literacy and adaptability to new technologies are crucial skills. As such, educational institutions need to revise their curricula to ensure graduates are equipped with the necessary skills for the evolving African market. When discussing the future of Nigeria's youth in the context of the fourth industrial revolution, Dozie expressed optimism about the innovative solutions being developed by young Nigerians. He noted that many are creating technology-driven solutions for businesses within the country, reducing the reliance on international organizations. As Africa's future moves towards digitalization, there is a growing opportunity for skilled individuals to contribute to the continent's economic growth. In conclusion, Dozie's insights underscore the importance of investing in small businesses and equipping the workforce with relevant skills to drive inclusive growth in Nigeria. By fostering a supportive environment for entrepreneurship and innovation, the country can harness its vast potential and pave the way for a prosperous future.