Stakeholders, including the Association of Small Business Owners of Nigeria (ASBON) and Micro, Small and Medium Enterprises(MSMEs) have called for synergy between government and businesses to facilitate the demand for policies and decision making processes.
Speaking at a media briefing with ASBON stakeholders and MSMEs representatives in Lagos with the theme; ‘Movement for Growth and Sustainability of Small Businesses in Nigeria’, the stakeholders recommended possible ways to solving the MSMEs multifaceted problems.
On his part, the national president ASBON, Dr. Femi Egbesola, averred that, government is yet to fully explore the grounds to improve on the performance index and confidence levels of Small and Medium Enterprises(SMEs) in Nigeria, adding that, SMEs are the only solutions to the problems of high rate of unemployment amongst the youths.
According to him, SMEs contribution to the growth of GDP and national development, over the years, has been of great momentum, but stated that, it could have been more only to the mirage of challenges facing it’s productivity.
These challenges, he examined, affected the general productivity of Small and Medium Scale Enterprises in Nigeria which, he stated, had degenerated into a worse economic state while charging the government to take urgent step to drive the full implementation of policies which will enable SMEs achieve their full potentials.
He, however, urged government to collaborate, and reposition to build the local economy while stressing that, this would achieve the needed impact in the MSMEs space.
He said government needs to assist SMEs to boost their businesses in as much as SMEs needs government to contribute to regional economies and ultimately improve the immediate gains of livelihoods.
ASBON boss posited that government must work closely with SMEs and wider business community to advance SMEs inclusion into the digital economy through tailor made digitisation strategies, cutting edge digital solutions, insights and policy advice.
“Collaboration is the key to developing a commercial landscape that is fit for future growth. Through effective partnership the public and private sectors can together create a supportive environment where SMEs can thrive,” he said.
He decried that businesses in Nigeria is currently eroded by policy mishaps, inflationary pressures, bleak economic future, low purchasing power, high operating cost, insecurity issues, fx constraints, illiquidity challenges, dilapidated power infrastructure, massive job loss and redundant labour.
He advised that government should implement laws and policies that will link institutional development to entrepreneurial growth and survival of SMEs in the country, adding that, this would improve economic growth and development of any nation.
On her part, group head, Commerce, ASBON, Mrs. Victoria Olorede, posited that, it is difficult for manufacturers and MSMEs to get forex, adding that, this has made a lot of SMEs close shops and operate skeletally while maintaining that under this prevailing conditions, it is very hard for businesses to survive and do business profitably.
She hinted on the foreign incursion of Chinese investors in buying lands in Nigeria to grow cassava, while adding that, this is bringing closure and unhealthy competition amongst indigenous entrepreneurs and foreign investors.
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