Business formalization training for young agripreneurs from Nigeria, Rwanda and Uganda
On 15 and 17 September 2021, the ILO delivered two trainings on business formalization for young agripreneurs that operate in the agricultural value chains in Nigeria, Rwanda and Uganda. The 120 participants successfully applied to become eligible for the 2021 Green Agribusiness Fund (GAF). GAF is an initiative led by the agribusiness JR Farms and supported by FAO, which invests in youth-led socially responsible agribusinesses in various parts of Africa. The fund has various objectives, including a reduction of unemployment among young women. The selected agribusinesses can get access to various services including funding, capacity building, mentorship, and market networks.
The training on business formalization marked the start of the capacity building initiative under the GAF. Participants are involved in a variety of agricultural activities such as production, processing and trading. While some entrepreneurs had already succeeded in registering their businesses, many voiced that understanding the relevant tax, bookkeeping and labour requirements was helpful to formalize their businesses and comply with the law.
This is what the trainees had to say:
Some of the tips by entrepreneurs of formal businesses included:
The training on business formalization marked the start of the capacity building initiative under the GAF. Participants are involved in a variety of agricultural activities such as production, processing and trading. While some entrepreneurs had already succeeded in registering their businesses, many voiced that understanding the relevant tax, bookkeeping and labour requirements was helpful to formalize their businesses and comply with the law.
This is what the trainees had to say:
Supported with a Business Formalization Workbook, the participants were inspired to reflect about their previous entrepreneurial journeys and received guidance on how to take on the next steps and progress with the formalization. In addition, they benefitted from valuable experiences shared by entrepreneurs who are already running a formal agribusiness in Nigeria, Rwanda and Uganda. As these entrepreneurs could relate well to the situation of the participants, they were able to provide useful tips and responses to the questions and concerns.
Some of the tips by entrepreneurs of formal businesses included:
What’s next? Following the training, the ILO will train coaches who can in turn accompany and guide young agripreneurs on their business formalization journey.