In a bid to enhance the development in small and medium enterprise, financial experts in the economic sector have charged the government to show commitment to SME, adding that Nigeria economy is far from been resilient due to barrel system leakages, lost opportunities deficiency in every sector.
They want the Nigeria government to address the challenges facing the small and medium enterprise (SME) in the country as most countries of the world depends on small scale and medium business for their economic growth.
They made the charge at the one year anniversary of Soboms Nigeria limited and unveiling of the book “Plucking your low hanging fruits written by Nicholas Eke in Abuja.
Chairman, Saboms Nigeria Limited, Boma Vincent Benebo explained that we do not have any reason to fail as a country but what has been happening is that we are not been able to look into our potential to enhance or take advantage of what we have .
He said ,“We should sit together and talk on how we can revitalize our economy that has been down.
“The SME in this country are lost opportunities, we have a lot of young men who are willing to be enterprising, contribute to the gross domestic product of this country. But we are missing it along the line by not putting relevant infrastructure that would enhance SME development.
Highlighting the leakages, he said , linkage to market is another thing we have to work on. There are skill development which is training is another area we have to work on and if we are not doing much more of this, we cannot thrive.
He also mentioned Finance, Power, Airline industry, Education, Medical tourism and insecurity as part of the current challenges facing the SME’S in the country.
According to him, money should be available for both start up and expanding growing of business in the aspect of finance
Power account over 45percent cost of production and if you have that kind of cost during the production, definitely those industry at local level cannot compete locally and internationally.
He also said food importation is another leakage, noting that we don’t have the need to import some of the food items that we import today.
On his part, The representative of DG Nysc Sam Peeple said “my question to youths is, if you are done with National Youths Service, what next ?
He said we are taking care of National Youths Service Corp members, we are already engaging them in skills acquisition and entrepreneurship, after training these corp members, they need finance, and if funds could be set up so that once the training is over they can have start up capital and it would make the economy bouyant.
“We think that these young people need intervention from government and there’s need for extensive training to avoid mistakes.”
One of the speaker and representative of Bank of Industry (BOI) King Jack said “Nigeria has very resilient and determined youths that are enterprising in nature so ordinarily our SME’s should thrive, however, we have certain challenges we believe if addressed will easily enhance the capacity of SME’s in this economy.
On his part, Akpari Amino Alex said “Right now as we are configured, funding of the SME’s is still a bit of a challenge and most of the financial institutions ordinarily would have love to support the SME’s but the risk acceptance criteria makes it difficult for the SME’s to access these funds.
Also speaking at the event, the author of the book plucking your low hanging fruits Nicholas Eke said “the economies of the world are not smiling, we are not as individuals in control of policies and certain circumstances but also not insulated from their effects.
He explained that the rising unemployment, underemployment, effect of of covid 19 and the economic downturn now aided by insecurity across the length and breath of the country are causes for concern, but as individuals, we don’t have control over these situations but we can determine our fate.
Eke further stated that, in Nigeria, the rate of inflation and devaluation is creating concerns for everyone. Revenue is shrinking partly because of business failure, needs are increasing and the prices of goods and services are increasing as well leading to undue pressure on available resources.
“The irony however is that while there is increasing demand in homes and families; there is virtually no increase in salary instead the value of the currency keep reducing. However, there are things within our control as we all need to find legitimate, innovative, and creative ways to meet our needs without becoming a burden to the already overburdened friends and family, we all need to survive before we can thrive.
As individuals, we all have low hanging fruits we can pluck from no matter our age, status, education, and geographic location.