The Carrington Youth Fellowship Initiative (CYFI), on Saturday, graduated 30 youths trained on data analysis and management skills, to ensure sustainability of Small and Medium Enterprises (SMEs) in the country.
The CYFI, is a dynamic youth-based initiative launched in 2011 by the U.S. Consulate General, Lagos.
Speaking at the graduation ceremony of the participants of “Project DHUB”, organised by the Economic Empowerment Team of CYFI, Francisca Chiedu, a CYFI alumni, said the project was timely and vital not just to the growth of Small and Medium Enterprises (SMEs), but to all sectors, particularly given the challenges posed by COVID-19 pandemic.
She said data analysis and management would help businesses and Nigeria make informed and strategic decisions to recover from the pandemic.
“This pandemic has opened our eyes to so many things that we are not doing right. One of it is the lack of relevant data to track events and be able to make strategic decisions.
“Since Nigeria went into lockdown, a lot of things have changed positively and negatively. It is now left for us to know how we can solve the problems with the use of data.
“We need to know how to mine data to be able to solve problems, inform policies and effect civic change,” she said.
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Chiedu, who is also the CEO of Citizens Connect, advised the participants to make use of the skills learned to effect changes in their respective fields for better outcomes.
“The skills you have learned during this project is timeless and cuts across sectors.
“Whether you are working in a company that is already providing digital solutions or you are engaging the government on challenges, or setting up your own social enterprise to support the community these skills are relevant,” she said.
Mr Femi Boboye, the Project Team Leader, said the project was aimed at equipping young people with data analysis and management skills to help SMEs survive, especially given the fact that many businesses were faced with so many challenges and lacked the appropriate use of data to make informed decisions for sustainable growth.
“There are over 40 million registered businesses in Nigeria and if all were doing well, they would be able to employ more people and reduce the rate of unemployment, however only few survive after five years.
“We discovered that many businesses do not have access to or make use of relevant data to make decisions that will improve their performance.
“Many generate data but do not know how to interpret and communicate it. So, we decided to train young people to become business and data analysts to help these businesses make decisions that will improve their performance and ensure sustainability,” he said.
Boboye said that the participants were also equipped with soft skills such as communication and leadership skills needed for the job, adding that the team also launched a data hub online platform where participants can interface and connect with potential clients who need data analysts for their business.
Sira Lewis, Treasurer and Board member CYFI, lauded the project, saying it would have a ripple effect in the economy by using data analysis to improve businesses that will create more job opportunities for people.
Lewis advised the participants to make use of the skills learned and also impact the knowledge gained on others so as to encourage data mining, analysis and management.
One of the graduates, Wisdom Olu-Arotiwa who had no prior knowledge of data analysis, described the training experience as an “eye opening”, saying he now had the confidence to analyse data and advise business owners on policies and decisions.
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