Former chairman of the Nigerian Association of Small and Medium Enterprises (NASME), Solomon Aderoju has advocated the need for a transformative approach in disbursing vital funds and palliatives earmarked for Small and Medium Enterprises(SMEs) through the Business Management Organisation (BMOs).
Aderoju, however, urged BMOs to forge collaborative alliances by pooling their efforts to exponentially enhance their impact and bring about tangible results for disbursement of funds to the SMEs sector.
He also stressed the significance of governmental attentiveness to the insights provided by BMOs, while highlighting the challenges confronting small businesses positions in charting a course toward SME resilience and prosperity.
He hinted that both federal and state governments should allocate crucial resources through Business Management Organisations (BMOs) to ensure they reach the intended SMEs operators and recipients effectively.
Over the years, he said, the federal and state governments have allocated substantial funds to support SMEs, envisioning them as catalysts for national economic prosperity. However, he said, a significant challenge persists: a considerable portion of these funds fails to reach the intended beneficiaries, leaving small businesses grappling with underfunding and financial instability.
Aderoju underscores a fundamental issue plaguing the current system: those tasked with disbursing funds often lack a comprehensive understanding of the intricate workings and challenges faced by small businesses.
Continuing, he said, BMOs stand uniquely positioned to bridge this gap. With an intimate knowledge of their members and a keen awareness of the challenges they encounter, BMOs emerge as a conduit that can ensure funds are not only delivered but also deployed judiciously.
Aderoju emphasised the pivotal role played by small businesses in driving the Nigerian economy. He called on governments at all levels to extend their support to SMEs by means of funding, favourable policies, and targeted programmes.
Against the backdrop of a challenging business environment, exacerbated by the removal of petrol subsidies, Aderoju underscores the need for concerted efforts to alleviate the burdens faced by small enterprises.
He advocated for collaboration amongst small businesses while urging them to pool resources and knowledge to fortify their collective resilience. By strategically expanding market reach and exploring avenues for export under the African Continental Free Trade Area (AfCFTA), SMEs can navigate the complexities of the current economic landscape, he stressed.