Business and Economy

Positioning Nigerian MSMEs for Development and Global Competitiveness – Abiodun Dolapo

The SME Group of the Lagos Chamber of Commerce and Industry yesterday in Ikeja held its annual seminar on the SME sector under the theme, “Positioning MSMEs for Development and Global Competitiveness”.

Delivering the welcome address, Mr. Abiodun Dolapo, Chairman LCCI SME Group, said “Nigeria has started to feel the need for entrepreneurship to take the front seat in its effort to develop and diversify her economy”.

On account of this, the government has therefore created a lot of agencies and quasi-government organizations, with the mandate to provide calculated direct interventions and assistance to support entrepreneurial activities. To mention just a few, we have the development finance office of the central bank of Nigeria, bank of industry, small and medium enterprises development agency of Nigeria (SMEDAN), etc.

Many nations, he said,  “have employed these strategies to turn their economic fortunes around and it has been proven beyond doubts that there exists a highly impressive and strong positive relationship between the level of entrepreneurship, activities and economic growth. On this note, since the government has no business being in commercial activities, it should only concentrate in creating an enabling and conducive environment for business to thrive, supporting entrepreneurship activities and ensuring that the economic train is continuously maintained at top speed with appropriate legal and economic framework and when necessary through different calculated direct interventions”.

“It goes without saying that a good percentage of the membership of LCCI belongs to the SME group and if the entrepreneurs are given an enabling and conducive business environment, the Nigerian MSMEs can significantly transform Nigeria into a sustainable and enviable economy”, he added.

He enjoined SMEs in the country to avail themselves of the different programs of government for the sector to grow their businesses. Pointing to the role and history of LCCI as the foremost Chamber in Nigeria with the primary objective to promote, support or oppose legislations or other measures affecting trade, industry, commerce and agriculture as well as present the opinion of the business community on the economy as a whole, Mr. Dolapo invited the SMEs that have not done so to join one or more of the 22 sectorial groups of LCCI through which the bulk of the chambers activities are performed. “The chamber is the representative organ of the business community and the voice of the organized private sector”, he stated.

The seminar featured several presentations from SMEDAN on the Role of Smedan in Positioning SMEs for Global Competitiveness, NISRAL on Easy Access to Loans by Farmers, Sterling Bank on Easy Access to Loans by SMEs, CRC Credit Bureau on the Role of Credit Bureaus in SMEs Accessing Credit Facilities with Ease, by Olaniwun Ajayi LP on How SMEs can Benefit from Current Tax Policies and by Connect Nigeria on How SMEs can Further Improve Revenue through Digital Marketing.

Report by Jacob Koudoyo and Nnajiudedioramma Chimaobi

Leave a Reply