SME operators call for enabling environment

The importance of Small and Medium Enterprises (SMEs) as the main engine for economic growth as well as private sector development and partnership cannot be overemphasised in any economy.

This is because the sub sector is a veritable tool for poverty eradication, job creation, rural development and sustainable livelihood for the populace.

But presently in Nigeria, the sub sector has been bedevilled by mirage of problems hindering it from growing fast as it should be and could not contribute meaningfully to the economy.

So, the need to grow the SMEs and for government to provide the enabling environment for the sub sector to thrive re-echoed at a one-day SME forum in Ibadan, the Oyo State capital, organised by EZ37 Solutions, a management and human resource consulting and training firm.

The forum, which had over 200 participants, which included business owners, managers and decision makers from different sectors of the economy in attendance emphasised the need for conducive environment in order to allow SMEs flourish and contribute meaningfully to the nation’s economy.

The participants at the forum with the theme: “Building a Profitable and Sustainable Business” while acknowledging the fact that SMEs is the catalyst for growth in any economy, urged the  government at all levels to provide the enabling environment as well as infrastructure such as roads, water supplies and rural development to galvanise the sub sector.

In her address, Adaora Ayoade, managing director/CEO of EZ37 Solutions Limited, said Nigeria should rely heavily on SMEs to contribute to economic growth, employment and innovation.

According to her, by all accounts, SMEs are seen to be one of the most rigourous and fastest growing in our economy; SMEs are the foundation of sustainable, therefore it is imperative that we put more attention into improving the success of SMEs.

The objective of the forum, she pointed out, is to facilitate growth, innovation and cost savings by linking budding and established entrepreneurs with established and successful individuals and organisations that could provide business solutions, advice and guidance on how to develop and grow profitable and sustainable business.

In his presentation, Ogie Alakija, CEO of Durante Fish Industries Limited, lamented that 60 percent of what we consume and use in Nigeria were imported, saying “we produce nothing and this portends danger and bad for our economy.”

While saying that smuggling remained a major problem in Nigeria, Alakija said government should tighten surveillance at our borders, adding that most of the things smuggled into the country were mostly expired and dangerous for health.

The problem of the country is leadership and lack of accountability, which leads to corruption, he said.

At the forum, the Central Bank of Nigeria (CBN) highlighted some intervention programme and schemes to the participants.

Akinola Bamiji, CBN principal manager, said the apex bank development finance initiatives involve the formulation and implementation of various polices, innovation of appropriate products and creation of enabling environment for financial institutions to deliver services in an effective, efficient and sustainable manner.

According to him, the initiatives are mainly targeted at agricultural sector, rural development and micro, small and medium enterprises. Some of the CBN intervention products are Agricultural Credit Scheme (ACSS), Agricultural Credit Guarantee Scheme Fund (ACGSF), Commercial Agriculture Credit Scheme (CACS), Small and Medium Enterprise Credit Guarantee Scheme (SMECGS), the Micro, Small and  Medium Enterprises Development Fund (MSMEDF) and Nigeria Incentive Based-Risk Sharing System for Agricultural Lending (NIRSAL).

First Bank of Nigeria and Advans Lafayette Micro finance Bank also showcased some of their products to participants which they can take advantage of.

First Bank, BusinessDay, MTN, Business School Netherlands, Advans Micro Finance Bank and Kakanfo Inn and Conference Centre were either partners or sponsors of the forum.

By: REMI FEYISIPO