The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has urged stakeholders within the Micro Small and Medium Enterprises’ (MSMEs) ecosystem to create a more supportive environment for MSME’s to grow, thrive and contribute to the economy.
“Their contribution to exports is very minimal compared to India that has about 42.5 per cent contribution of MSMEs to exports; equally in 2017, their contribution to export was about 7.27 per cent but the 2020 figure has shown us that there is a decline to 6.21 per cent.
Prof. Stephen Aliu, Team Leader, Centre for Entrepreneurship Development and Wealth Creation and Faculty Member, ICLED Business School, said fostering growth and development of MSMEs would require relevant stakeholders to implement best practices as done in other climes.“Governments and financial institutions should develop tailored financial products such as microloans, venture capital funds, or crowd funding platforms to provide affordable and accessible financing options for SMEs.
“Simplify regulations and reduce bureaucratic barriers, enhance entrepreneurship education and training, foster innovation and technology adoption, facilitate market access and internationalisation and build supportive ecosystems. The President of ICLED, Prof. Olajumoke Familoni, noted that Africa was the next business frontier, as had been forecasted, and hence, the need to prepare before it happens.
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