Micro, Small and Medium Enterprises can leverage growth opportunities to sustain their businesses in the post-COVID-19 pandemic era if they reinvent
This was part of the recommendations by panellists at the DBN Webinar session on the theme: “Alternative Financing Options for Sustainable Growth Post COVID-19 Lockdown”.
The session was part of a series to provide capacity-building and advisory services for MSMEs through digital platforms in the light of the prevalent economic impact of COVID-19 on businesses across the world. Reviewing the current implications of the coronavirus pandemic on the Nigerian economy, the panellists noted that the MSMEs are the hardest hit by the crisis.
“If you are an SME, the framework should be to survive the crisis period, have as much liquidity as you can and stem expenditure. You must stabilise the business by stabilising your cost and reconfiguring your operations,” they said. The AFC CEO, Mr Alli, said while businesses must prepare for the new era, they must be innovative, have a clear vision, and be ahead of the curve to take advantage of the new normal.
She said quality and branded digital presence would stand as distinguishing factors in the present and post COVID-19 era.
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