Sunday, June 27, 2021 / 8.00AM / WebTV / Header Image Credit: EcoGraphics
As the world marks the 2021 edition of the "MSME Day" with the theme "MSMEs: Key to an inclusive and sustainable recovery" experts and entrepreneurs provided their perspective on the way forward for enterprise development in Nigeria.
Funke Medun, CEO Leapworld Limited described MSMEs as the engine room for economies across the world, and according to a 2017 survey carried out by the National Bureau of Statistics in collaboration with the Small Medium Enterprises Development Agency in Nigeria, SMEDAN accounted for 86.3% of the workforce in Nigeria.
According to her MSMEs contribute over 50% to the gross domestic product, GDP in Nigeria and are also responsible for 95% of firms registered.
She called on the government to support the small businesses by addressing issues like power, while it was important for the MSMEs to invest in technology and adopt robust administrative structures to scale.
Mr Paul Adebo the Head, Emerging Segment, Business Banking, FCMB said in the area of the "Ease of Doing Business" Nigeria has achieved progress by moving 16 places from 147 out of 189 to currently 131.
He called for an improved process of business registration and payment of tax leveraging digital technology, while urging the small businesses to explore digitalization of their services.
Adebo said FCMB has been supporting the MSMEs by enabling access to finance for enterprises, while stressing the need for government to invest in broadband infrastructure.
Elizabeth Olofin, the CEO, ThistlePraxis Consulting believed the MSMEs are purveyors to inclusive economic growth and stressed the need for business friendly policies in Nigeria.
She believed it was important to align the national vision with enterprise values and called on the MSMEs to prioritize capacity building, learning and development.
The CEO of ThistlePraxis consulting said the firm assists businesses in the area of strategy and organizational transformation.
Some of the entrepreneurs who spoke on the 2021 MSME Day decried the challenging economic situation in the country, the need for improve financing and strategic government interventions.