In a small workshop in Ibadan, the rich, earthy scent of roasting cocoa beans fills the air. Here, Temilade Ogunbiyi of Temmy’s Cocoa Crafts is not just making chocolate; she is quietly scripting a new chapter for the Nigerian economy. Three years ago, her business was a local endeavor. Today, she ships her “Made in Nigeria” chocolate abroad, a testament to a burgeoning movement that is transforming the nation from a raw material exporter into a hub of finished, branded luxury.
This quiet revolution is now gaining a powerful ally. A landmark five-year partnership between Providus Bank and BusinessDay’s Go Local initiative is set to build the essential scaffolding for micro, small, and medium enterprises (MSMEs) like Temmy’s Cocoa Crafts. The mission is clear: to provide the ecosystem, financial infrastructure, and market access that Nigerian makers have long been missing.
From Commodity to Craft: Redefining Nigeria’s Economic Story
Nigeria’s soil is rich with resources—cocoa, shea butter, premium leather, cotton. For decades, the dominant narrative has been the export of these raw commodities, only to import the finished products at a premium. The Go Local movement, supercharged by Providus Bank’s commitment, aims to fundamentally rewrite this story.
The value, as Temilade notes, is in “what we finish, brand, and own.” Her journey—from sourcing beans in Ondo to mastering flavor profiles and passing stringent export tests—exemplifies this shift from artisanal hustle to formalized business. “We are moving from handing off the raw to owning the story,” she says, a sentiment that captures the ambition of a new generation of Nigerian entrepreneurs.
The Bank That Builds: More Than Capital
Providus Bank is entering this space not as a passive financier, but as a strategic builder. With a flagship SME program that has already nurtured over 300 businesses and new digital payment solutions like SoftPOS, the bank is focused on bringing the next million SMEs into the formal economy.
This partnership will manifest in three concrete ways:
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Spotlighting Success: Regularly featuring MSMEs that are transforming local materials into finished, desirable products.
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Digital Empowerment: Hosting workshops to equip entrepreneurs with the digital payment and traceability tools essential for scaling.
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Market Creation: Facilitating direct connections between makers and investors at forums and summits, effectively building a “BusinessDay-Providus” seal of approval for vetted enterprises.
The Maker’s Mandate: How to Prepare for Scale
For artisans and makers, this unprecedented support comes with a call to action. To fully leverage this partnership, businesses must:
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Embrace Formality: Register with the CAC, obtain a TIN, and maintain basic financial records.
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Articulate Your Value: Clearly document the journey from raw material sourcing to finished product, highlighting what makes your brand unique.
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Adopt Digital Tools: Integrate digital payment systems, a non-negotiable for efficient and scalable operations.
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Seek Growth Actively: Proactively engage with the training and financing opportunities provided through the partnership.
The ultimate vision is a future where shelves from Lagos to London are adorned with “Crafted in Nigeria” labels—not as a novelty, but as a mark of quality. This alliance is more than a business initiative; it is a national project to convert Nigeria’s raw potential into undeniable market power, one finished product at a time.
