Published On: Thu, Sep 22nd, 2016

SMEs seek support to revive Nigeria economy

smes growth africaLAGOS, (CAJ News) – THE Federal Government has been advised to support small and medium enterprises (SMEs) in order to enhance economic revival.

An expert said with the economy in recession, support for the businesses  could be one of the key ingredients to resuscitation.

Assisting them should become a priority for big business and government , said Magnus Nmonwu, the expert.

“During recessions, big companies are able to adjust by downsizing and cutting costs. Small businesses, however, keep going and carry the losses. They need our support, as they can contribute to turning the economy around, far more quickly,” said Nmonwu.

He said it was important that government and other stakeholders listened to entrepreneurs’ concerns as they sought to grow and contribute to the economy.

“We have embraced the responsibility of helping to amplify the voice of small business, because we also started small and understand the  challenges entrepreneurs of small face in such times.” Nmonwu nonetheless lauded government for establishing a range of  organisations and initiatives to support SMEs.

This includes the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN), which identifies Nigerians who are interested in  entrepreneurship and provides them with training in entrepreneurship and vocational skills.

CAJ News

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