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The Nigeria Institute for Oil Palm Research (NIFOR) has reiterated its commitment to promoting financial literacy and entrepreneurial growth among Nigerians, as Dr. Mrs. Esohe Grace Ilori, Assistant Director (Research) and Head of Planning, Monitoring and Evaluation Department, delivered a rousing address at the Financial Literacy and SME Empowerment Programme held in Katsina Central Senatorial District.
The event, sponsored by Senator Abdulaziz Musa Yar’Adua in collaboration with NIFOR and Chaykay Multisystem Ltd, brought together entrepreneurs, financial experts, traditional and religious leaders, and representatives of government and development institutions.
Speaking on behalf of NIFOR’s Executive Director, Dr. Isona L. Gold, Dr. Ilori described financial literacy as “a necessity in today’s rapidly evolving economy,” emphasizing that sound financial knowledge is the bedrock of sustainable business growth and national development.
“Financial literacy is not just about money—it is about empowerment,” she said. “By equipping our people with financial knowledge, we are building legacies, strengthening families, and securing the future of our communities.”
She highlighted the programme’s objectives, which include equipping participants with practical skills in budgeting, credit management, business planning, and investment, as well as linking entrepreneurs with financial institutions and empowerment platforms.
According to her, Small and Medium Enterprises (SMEs) remain the lifeblood of the Nigerian economy, accounting for over 80 percent of businesses nationwide and contributing significantly to employment and innovation. However, many still face barriers such as poor financial management, limited access to credit, and inadequate business knowledge.
The initiative, she noted, aims to close those gaps by providing participants with the tools and mentorship needed to boost productivity and ensure business sustainability.
“With the right support in financial education, technology adoption, and market access, our traders, artisans, farmers, and service providers here in Katsina can compete not only locally but globally,” Dr. Ilori said.
She commended Senator Abdulaziz Yar’Adua for sponsoring the empowerment programme, describing his gesture as “a visionary contribution to grassroots development and economic inclusivity.”
While applauding Chaykay Multisystem Ltd for its role in implementing the initiative, Dr. Ilori urged participants to apply the lessons learned by keeping proper records, embracing innovation, and maintaining financial discipline.
“Empowerment is not just about receiving funds—it is about gaining knowledge and building character,” she added.
The representative of Senator Yar’Adua, Alhaji Tanimu Garba, reaffirmed the lawmaker’s commitment to supporting youth and women-led businesses, noting that economic empowerment is central to sustainable peace and progress in Katsina State.
Also in attendance were representatives of financial institutions, government agencies, and community leaders who pledged continued partnership to create a more enabling environment for SMEs through accessible financing, mentorship, and infrastructure support.
Dr. Ilori concluded by reaffirming NIFOR’s dedication to national development through research, training, and empowerment initiatives.
“Financial literacy and SME empowerment are not just programmes—they are investments in people, in families, and in the future of our nation,” she said. “Together, we can build a thriving Katsina where businesses grow, dreams flourish, and prosperity is shared.”
The event ended with an interactive session where participants expressed appreciation for the opportunity to gain practical insights into managing and growing their businesses more effectively.
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