Entrepreneurship Development Center in Nigeria
Provides Business Training, Economic Growth

Ifeanyi Frederick Ifeanyi, graduate of OIC International's Nigeria EDC program, stands inside one of his two boutiques.

When Ifeanyi Frederick Ifeanyi walked into OIC International’s Entrepreneurship Development Center (EDC) in Kano, Nigeria, he was the owner of a small and unsuccessful boutique. His family’s sole bread winner, Ifeanyi struggled to make ends meet for himself, his wife, and their three young children. Today, following EDC training and two microfinance loans, Ifeanyi has expanded his business and is the proud owner of two successful boutiques.

“Being a part of the OIC International EDC training was the best thing that ever happened to me,” he said. “I have been able to pay back the loan of ₦100,000¹ from Integrated Micro Finance Bank (IMFB) and have applied for another loan of ₦500.000 from Oceanic bank…I make daily sales of ₦40,000 to ₦60,000 on the average. I have also gotten a second shop because, as you can see, the present one is now small.”

The Ifeanyi family’s success did not end there. “My family is also doing very fine…My profound gratitude goes to OIC International for linking me up with IMFB,” Ifeanyi continued. “My wife was able to secure a job with the bank, and we are both financially secure.”

Rahmat Bashir, a school teacher in Kano and mother of three, has also found OIC International’s EDC Program transformative. Previously struggling on a meager salary, she now operates a successful mini-supermarket, making her dream of owning her own business a reality. After being introduced to the EDC program by a friend, she underwent entrepreneurship development training and successfully accessed a loan of ₦300,000 as start-up capital for a new provision store. Since opening her new business early this year, her monthly sales have gradually increased, with sales between January and February averaging ₦102,220 and sales between February and March averaging ₦178,150.

Of her new business, Rahmat proudly states, “I rest assured that I own a sustainable business despite the low profit margin at the beginning. Now, I am financially self-reliant and able to take care of some family expenses. I am grateful to God and to OIC International for making my dream a reality. We wish you and your company 'more grease to your elbows.'”

Ifeanyi and Rahmat were both participants in EDC’s pilot phase, which ran from April 2008 to September 2009. In this period, the EDC program trained 1,969 individuals (1,568 male, 401 female) with 55 graduates successfully receving loans and 86 more in the process of accessing loans.

OIC International’s EDC program aims to create broad-based economic growth in Nigeria. Funded through the Central Bank of Nigeria, the five-year program promotes economic development at the grassroots level through a series of training courses for secondary school and university graduates. Following entrepreneurship development training, graduates are provided with linkage services to microfinance institutions and banks for start-up financing, developing new Nigerian entrepreneurs and business owners who can invigorate Nigeria's growing economy.

¹One Nigerian Naira (₦) is equal to 0.70 cents U.S.