The Abia Project Coordinating Office of Livelihood Improvement Family Enterprises, Niger Delta (LIFE-ND), organized a working session on basic accounting and bookkeeping for beneficiary farmers to promote business sustainability.
The training, aimed at equipping project beneficiaries—including the Commodity Apex Development Association (CADA), incubators, and incubatees—took place on Friday in Aba.
The initiative sought to strengthen their capacity in record-keeping, financial reporting, and tax awareness to support the growth and sustainability of their agribusiness ventures.
Mrs. Chioma Bassey, a resource person, emphasized that income and expenditure accounts are essential for every business.
“It helps determine whether the business is doing well. It provides a clear picture of operational efficiency and indicates whether the business will thrive in the future,” she explained.
Mrs. Bassey, Chief Accountant at Ogbonnaya Onu Polytechnic, Aba, also educated participants on tax incentives available to young entrepreneurs and agribusinesses.
She noted that new businesses are exempt from tax for the first four years, and some agribusinesses benefit from reliefs depending on their produce.
“This knowledge will help them stand their ground if anyone tries to impose taxes at this early stage. Awareness is very important,” she added.
Mr. Bonny Nkoro, 13th Chairman of the Institute of Chartered Accountants, Aba Branch, also spoke, emphasizing that proper bookkeeping prevents business collapse unnoticed.
Leading a session on cash books and bank reconciliation, Nkoro highlighted the importance of maintaining balanced relationships with customers and financial institutions to foster beneficial partnerships.
“So, by learning how to keep proper books and records, they will have the tools to succeed in their endeavors,” he said.
Mr. Daniel Alozie, the State Project Accountant of LIFE-ND, explained that the workshop was part of the project’s capacity-building strategy for beneficiaries under Additional Finance 1.
“These are the individuals who will take over project responsibilities when the project exits. Building their capacity in record-keeping, a key aspect of business sustainability, was necessary,” he said.
Alozie added that participants are expected to share their knowledge with others at their incubation centers to enhance financial management across the beneficiary network.
Mr. Anthony Nwaobilor, the State Project Rural Institution, Youth, and Gender Officer, highlighted CADA’s role as the umbrella body responsible for sustaining LIFE-ND investments in communities after the project’s exit.
“We are emphasizing their responsibilities in managing and ensuring that LIFE-ND’s investments in communities continue beyond the project,” he said.
Mrs. Loveth Okpata-Samuel, the LIFE-ND Finance Officer, said the session aimed to teach beneficiaries the basic accounting principles needed to run their businesses effectively.
“Running a business without accurate records can lead to overestimating or underestimating profits. We are teaching them the right books and records to keep,” she explained.
Mrs. Felicia Ege, a participant from Isiala Amaelu Autonomous Community, Bende LGA, expressed her appreciation for the training.
“We’ve learned many new things about tax, record-keeping, and CADA. It will help us do better and track our progress,” she said.
LIFE-ND is a Federal Government project funded by the International Fund for Agricultural Development, with support from the Niger Delta Development Commission. It aims to enhance income, food security, and job creation for rural youth and women in the Niger Delta through agribusiness.
