The economic growth and employment in any country is hinged on the performance of the small and medium sized business sector. In most developed and advanced economies, government policies are deliberately target at growing the micro, small and medium enterprises (MSMEs).
However, in most developing economies like Nigeria, small businesses face a lot challenges such as poor infrastructure, frequent change in government policies, poor documentation, corruption, lack of experienced personnel, finance, operational management, strategy and others.
These challenges have led a lot of small businesses to shut down, and the ones that are managing to stand are not performing optimally. The outcome is high unemployment, insecurity, poverty and hunger.
In a bit to contribute in mitigating these problems, SEDAC Foundation hosted MSMEs Clinic tagged, “Growing Micro, Small and Medium Enterprises in Nigeria” in Lagos on July 15, 2021 at Rome Business School Nigeria, Ikeja, Lagos. The Clinic was supported by Stanbic IBTC, Rome Business School Nigeria and the Nigerian Bottling Company Limited and was designed to build the capacity of MSMEs in Nigeria for high productivity.
The one day MSMEs Clinic featured experienced business professionals like, Mr. Olatunde Adeola, a business growth guru and business profit expert, and Dr. Humphrey Akanazu, country head Rome Business School Nigeria. The highpoint of the programme was the proper business diagnosis business owners got and the recommendations offered for better output and growth. Mr. Adeola spoke on the need for partnership and collaboration for the small business for greater output. He advised small businesses to always think win-win in their business strategy. For him succeeding in business requires deep knowledge and not always believing in luck. He also emphasized on the need for entrepreneurs to focus on reading business management books rather than motivational books. Dr. Humphrey on the other hand spoke on the need for business owners to have values and integrity in their business in their business transaction as this may affect their brands negatively. He also advised entrepreneurs to work with people with the right attitude who buys into their vision.
The Founder of SEDAC Foundation and the Director of Programmes and Administration, Mr. Modestus Nwaulu in his presentation advised young entrepreneurs to be patient as they build their businesses, According to him, SEDAC Foundation will continue to provide technical support to these small businesses after this clinic through the SEDAC Entrepreneurs Network which is a platform to groom, nurture and empower small businesses with the right skill and knowledge to enable them build an enduring organization that can compete with similar organizations around the World.
SEDAC Foundation is a youth development focused non-profit organisation with a commitment to reducing youth unemployment, poverty, insecurity and hunger in Nigeria. Since 2020, SEDAC has impacted on the lives of many young men and women in Nigeria through capacity building support in the area of the provision of entrepreneurship and employment skill development. SEDAC also focuses on promoting entrepreneurship by enabling access to apprenticeship, internship, volunteering and also strengthening the capacity of micro, small and medium enterprises in Nigeria. SEDAC ensures that great percent of its programme beneficiaries are young women and girls. Some of our programmes are youth employability project, youth entrepreneurship project, youth leadership project and Women in Leadership and Business project.
Gift Ejikeme Egbelu
Social Media Manager
SEDAC Foundation
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