As of February 2026, the narrative of Nigerian business is shifting from “survivalist hustle” to “institutionalized enterprise.” During the recent induction ceremony of the Institute of Entrepreneurship and Apprenticeship Management and Administration (IEAMA) in Abuja, Dr. Abdulrashid Yerima, National President of the Nigerian Association of Small and Medium Enterprises (NASME), issued a clarion call for Structural Entrepreneurship.
Under the theme “Grooming a New Generation of Structured Entrepreneurs and Professional Apprentices for Sustainable National Development,” the event highlighted that while millions of Nigerians are “in business,” very few operate within a professional framework that ensures long-term sustainability and generational wealth transfer.
1. The IEAMA Induction: 2026 Milestones
The ceremony, held at the Paschal Bafyau Labour House in Abuja, marked a major step in formalizing the apprenticeship system that has historically powered the Nigerian economy (especially the “Igbo Apprenticeship Model”).
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The Inductees: A total of 53 professionals were inducted into various categories:
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18 Doctorate Fellows (including Dr. Abdulrashid Yerima and Amb. Harrish Yerima Ballah).
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21 Fellow Members.
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14 Senior Members.
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The Mission: IEAMA aims to move apprenticeship from “informal survival” to “professional mastery” by standardizing training agreements, ethical mentoring, and transparent settlement processes.
2. Why “Structure” is the New Currency
Dr. Yerima emphasized that hustle without structure is a primary cause of business collapse and failed succession in Nigeria. To be “structured” in 2026, an entrepreneur must master:
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Digital Formalization: Utilizing SMEDAN’s 2026 goal to register 1 million new businesses.
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Financial Literacy: Moving away from co-mingling personal and business funds.
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Compliance: Aligning with tax and regulatory requirements to become “bankable.”
3. Closing the Funding Gap: The ₦2 Billion Push
A major highlight mentioned during the event was NASME’s recent floating of a ₦2 Billion Empowerment Fund for MSMEs. This fund is designed to bridge the gap left by traditional banks, which often demand collateral that nano-businesses cannot provide.
Current 2026 MSME Support Landscape: | Initiative | Provider | Target / Purpose | | :— | :— | :— | | ₦2bn Empowerment Fund | NASME | Direct intervention and grants for members. | | Business Clinic Model | Bank of Industry (BoI) | “Diagnosing” business health before injecting capital. | | ₦12bn Cheap Funding | SMEDAN | Single-digit interest loans for 3 million SMEs. | | WYFEI Nigeria | Office of the VP | Financial inclusion for women and youth entrepreneurs. |
4. Addressing the “BoI Loan” Paradox
Dr. Yerima addressed the common complaint that SMEs struggle to access Bank of Industry (BoI) loans. He noted that the issue is often structural:
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The “Triage” Phase: BoI now treats lending like a “teaching hospital,” requiring businesses to undergo a “pulse check” on cash flow and liquidity before approval.
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The Solution: NASME and IEAMA are training members to use digital record-keeping tools to prove their competitive “temperature” to lenders.
“Prosperity is found in structured systems that turn ideas into enterprises and skills into industries. We must move from improvisation to institution.” — Dr. Abdulrashid Yerima, NASME President.
