Category: Small Business and Entreprenuership

  • How SMEs can boost economic growth, by experts

    How SMEs can boost economic growth, by experts

    Fate Foundation has hosted a knowledge building forum in Lagos. Titled: “Business outlook for 2016”, the event provided a platform for business representatives to reflect on conditions that will enable small and medium-sized enterprises (SMEs) to grow. DANIEL ESSIET reports.

    How  to grow small and medium-sized enterprises (SMEs) and encourage the entrepreneurship was the focus of the discussion at this year’s business forum by Fate Foundation in Lagos.

    The event had as theme: The business outlook for 2016.

    Keynote speaker, Chief Executive Officer, Economic Associates, Dr. Ayo Teriba, said there were  some hurdles SMEs’ owners must overcome to move up the economic ladder and access to capital.

    For him, the landscape is still complicated for  SMEs looking for investments and access capital.  Teriba noted, however, that the uncertainties in the economy have disappeared with the unveiling of the Federal Government’s policy direction as well as the presentation of the 2016 Appropriation Bill.

    According to the eminent economist, this year is different from last year because the uncertainty that compounded the effects of negative transaction shocks last year has reduced significantly. As a result, he predicted that Nigeria’s growth outlook in the year would be better, compared with the previous year.

    He pointed out that uncertainty makes businesses unable to grow, saying that a lot of business owners had been postponing major decisions.

    “For example, before the election, most businesses decided to wait till after the elections.The election brought in a new government and businesses decided to wait for the inauguration. When inauguration came, they also decided to wait for the government to announce its policy direction.

    “So, while all these were happening, we waited for months and that impacted on growth. The government has announced its policy direction and the budget, and you know that you can go ahead with your plans as long as it does not conflict with government’s policy. The uncertainty has cleared and you can identify risks and make plans for dealing with them. The uncertainty has cleared and 2016 is better for that reason,” he said.

    Teriba urged Nigerians and policy makers to look inward to grow the economy, saying that Nigeria is so uniquely placed and there are lots of slacks in the domestic economy that could be fixed to grow the economy like India.

    Stressing the importance of foreign direct investments (FDIs) to  the economy, Teriba said Nigeria ‘s record on FDIs is poor. According to him, countries that get FDIs and diaspora remittances go the extra miles to attract foreign inflows.

    Executive Director, Fate Foundation, Mrs Adenike Adeyemi, said SMEs have the potential to restore growth in the country.

    Mrs Adeyemi said the Foundation aims to enhance SMEs by transforming them, and helping them overcome some of their key challenges.

    She urged SMEs to look forward to enhanced support in productivity, innovation and capability upgrading.

    She said the foundation has  identified the need to create more services to address the challenges encountered by smaller local businesses.

    She said the organisation has already planned some SME-related events for the year.

    She announced also that the  foundation was working with some investors to offer new financing methods for small business owners.

    Mrs  Adeyemi said business angels, are individuals would invest  in a business.

    The aim is to provide alumni businesses with finance to create a stronger private sector that will foster the development of smaller companies.

    Senior Manager,Energy Resources Accenture Nigeria,Mr Michael Faniran, said the economic outlook was still uncertain, and as such there was a genuine reluctance to engage in development of the business, let alone consider opening new premises or offering new products and services.

    He stressed the need for measures to enhance support for SMEs to restructure and achieve quality growth.

    He noted that SMEs are the backbone of the economy, and  that their growth is essential for enhancing competitiveness and strengthening the nation’s attractiveness as a place for investment and production.

    He said SMEs should strive towards achieving a balanced and sustainable equity system by stimulating investments. This includes seeking improved equity investments with new partners to help them to leverage business opportunities.

    At the end, those who attended agreed to learn from those who hold the keys to serious investments in SMEs and the economy.

  • From passion to profession: The story of a shoemaker

    From passion to profession: The story of a shoemaker

    Inspired by his love for caring for shoes, Abraham William has built a successful cobbling business, thereby creating employment opportunities for other youths, Daniel ESSIET reports.

    Chief Executive,AB Leather Work, Abraham William,is particular about keeping his shoes in good shape. In his childhood days, he was reputed for  paying attention to footwears, branded clothes, well-set hair and clean socks.

    But he is more concerned about the state of his shoes which he hates seeing dirty.

    His love  for good, clean shoes now means much more to him as it has put food on his table, making fortune to shine on him over the last decade.

    After his training that spanned over three years in Uyo, the Akwa Ibom State capital, Abraham is now the proprietor of a shoe cleaning and repair firm in Shomolu,Lagos. He started with less than N50, 000.

    Today, he has grown his trade to become lucrative. For instance, he used proceeds from the trade to educate himself at the University of Lagos, where he obtained a degree in Business Administration in 2011.This feat, among others, makes Abraham to say that shoe repairing is a profitable business.

    Long before he graduated, he was already his own boss. And while his contemporaries roamed the streets after graduating from various tertiary institutions in search of unavailable jobs, he became an employer.Today, not only  has proceeds from shoe repairs made him  a university graduate, given him a car but he has been living comfortably.

    His services include:  shoe refurbishment, laundry and repair services,   leather accessories, putting sole protectors and heel protectors,re-heeling, re-soling ,sole pasting, and shoe dying. As a competitive edge over his competitors, Abraham boasts of a good turn-around time for delivery of jobs. However, the turn-around-time varies depending upon the complexity of the job to be done. Like every other industry, the shoe business has its own trend. He  has  witnessed a seasonal trend in the business. When he started it, people didn’t know him, so  he decided to go slowly without much investment till the masses accept his  service. So, he scaled up very slowly and the income from the service was sustaining the business.

    Another positve factor for him is the desire to always go an extra mile to ensure customer satisfaction. According to him, a customer would try your service initially with one pair and if once made happy would give other pairs as well for refurbishment and repair work. Such customers, he further explained, tend to bring more

    He does a lot of shoes a day and has employees at the workshop. Abraham also renders consultancy services on shoe maintenace. Overall, the future seems to be pretty good. His  shoe-repair services has now evolved to multiple services, from changing the sole to repairs of bags, luggage and baby strollers.

    There are thousands of stores selling branded shoes, but there are  few  professional footwear care and maintenance services provider.

    For him, that is a big opportunity for new entrants who are well trained to provide maintenance services to Nigerians who use branded and expensive shoes. The industry, he believes are in need of service providers to offer the level of expertise required to clean and repair those kind of  shoes.

    As  Nigerians have become more brand and hygiene conscious, William is  doing all he can to prove that he is the  knowledge centre for footwear refurbishing. He has developed a standardised repairing technique through 10 years of practical experience and innovation.  What makes it more unique is that the results he achieved are appreciated by his consumers. It gets more unique by the kind of repairs he does. He has developed techniques to fix different problems in shoes. People who liked his service tell their friends and relatives.   When customers bring in shoes that are out of warranty or are too damaged for in-store repairs, they are directed to him to repair at a slightly discounted rate.

    His focus is on repair that makes shoes last longer.The biggest  challenge in the industry  remains finding good workers. The bright, shiny side? With towering disposable incomes, upper middle class Nigerians who are ready to spend money on good shoes.

  • ‘How I attained success as an entrepreneur’

    Climbing the ladder of success in a troubled economy like ours can be herculean. Notwithstanding, the determination to succeed is vital, says Chief Executive Officer Business Impact, Samson Olatunde. DANIEL ESSIET writes

    Chief Executive,Business Impact Limited ,Samson Olatunde,  has an amazing story as an internet entrepreneur.  He  holds a B.Sc in Business Administration from Ogun State  University.

    Spurred by the fear of failure, and the desire to life from his parents the financial burden, Olatunde, as a young undergraduate in his 20s, opted to be enterprising – teaching tutorial classes in computer, and earning an income. It was not surprising, therefore, that not long after, he  made his first million as an undergraduate student.

    “As an undergraduate in my early 20s, I desired so much to be independent financially. I wanted to assuage my parents’ financial burdens. So I set out to explore. I started computer tutorials for fellow students and I began to rake in some cash.

    “Sometime later, I heard about an Internet business seminar put together by the Success Attitude Development Centre (SADC). I was able to borrow N25, 000 from my friends which I used to pay for the seminar.

    So, I journeyed from my University campus to attend this seminar—and that was the beginning of a financial revolution for me. I delved into information marketing; began selling e-books, and earned N4 million in a space of four months.”

    After he graduated, he did youth service in his own company. His internet firm is, perhaps, something that is attached to all  lives. He  is an stunning example of courage as an internet entrepreneur. He started his company with less than N10,000 and  claims it was only passion and the ability to dream big that saw him achieve so much with almost nil venture capital.

    Today, his companies together  have recorded a  huge turnover. Though  technically sound  he can’t read codes like other tech entrepreneurs but he  writes cheques for programmers.

    Samson is the epitome of the new 21st century entrepreneur – having started 8his first business, an impressive success, he learnt alot of skills to help supplement his income and support his family.

    He said there were openings for young people to make money from creating online platforms.These include onlineE-commerce shopping,online Ticketing,online portal for Tutorial/ classes,online foodAnd online service platforms.

    To this end, he promoting annually a digital marketing summit. The summit aims to help organisations use online digital platforms to make moneyHe has been featured in various national televisions. He  has gone on from strength to strength, speaking  at internet marketing summits for web entrepreneurs. His  mission is to help online entrepreneurs understand Internet marketing such as  search engine optimisation, social media marketing, email marketing, freelancing, blogging etc.

    His  keen eye for identifying and capitalising on growing industry trends has helped the company  stay afloat during this age of ever evolving technological capabilities.

    He  focuses on consulting and delivering cutting edge solutions to Nigerians.

    Whether a company needs iPhone or Android apps, eCommerce solutions, or even long-term partnership for IT projects, his company can deliver quality, cost-efficient services with minimal turnaround time.

    As of now, he  is  dedicated to helping Nigerians manage the global convergence of software, mobile applications, Web applications, big data and cloud services. And his company deliver  solutions without putting a hole in one’s pocket, too.

  • How Africa’s young entrepreneur plans to solve the job crisis

    It is often best for start-ups to actually have co-founders. Whether you are a tech person or a business person, you should look for someone who complements your business,” said Chris Kwekowe, co-founder of Slatecube in Nigeria.

    “It is often best for start-ups to have co-founders. Whether you are a tech person or a business person, you should look for someone who complements your business,” said Chris Kwekowe, co-founder of Slatecube in Nigeria.

    A few weeks ago, 22-year-old Chris Kwekowe was announced the 2015 Grand Prize winner of The Anzisha Prize, Africa’s premier award for youth entrepreneurship. He is the first Nigerian to win the award. He takes home US$25,000.

    Kwekowe is the co-founder of Slatecube, an online platform he started with his younger brother that seeks to solve the unemployment crisis in Nigeria, and ultimately sub-Saharan Africa.

    According to World Bank research, 11 million young people will be entering the job market  yearly across sub-Saharan Africa, but a large percentage will face unemployment. In Nigeria alone, a study by the British Council revealed that around 23 per cent of fresh graduates will not find jobs, mainly due to these graduates lacking both the skills and experience required by companies and organisations.

    Kwekowe realised this while trying to recruit his computer science classmates to work at Microbold Smart-Systems, a company he and his brother started as teenagers to build websites and online solutions for businesses. He noticed many classmates lacked the practical experience required to solve real-life problems.

    “I just couldn’t recruit my classmates to work, even temporarily, on projects because they didn’t really have the necessary skills. So we thought: why not create a platform that leverages on users building knowledge and experience so they can get a job at the end of the day?”

    The idea behind Slatecube was born, and Kwekowe and his brother officially launched it towards the end of 2014. It offers courses that combines skills development with practical experience, and then matches this to industry-related jobs.

    For example, if a user takes a web development course, at the end of it they have to build a web application as their project. Once completed, their projects are listed on the projects board and relevant employers are notified.
    •Culled from www.howwemadeitinafrica.com

  • Firm holds workshop

    The Entrepreneurs Network Nigeria (TENN) is offering a free Basic Certificate Course in Start-up Entrepreneurship for aspiring and start-up entrepreneurs.

    Tagged Accelerate ideas into business, the training is scheduled for January 26 at Chesterfield Hotel,  Adeniyi Jones Avenue, Ikeja, Lagos.

    Speakers at the event include CEO, Towdah Limited, Chief Mentor, The Entrepreneurs Network Nigeria TENN, Sam Ladipo.90998

    Special features of the workshop include interactive Business mentoring session with established entrepreneurs.

  • Making money from machine fabrication

    Making money from machine fabrication

    Chief Executive, Niji Group, Adeniji Kolawole, is up on the entreprenurship ladder, having set up a thriving business of fabricating durable machines for young entrepreneurs wishing to start their own businesses. DANIEL ESSIET reports.

    Chief Executive, Niji Group, Adeniji Kolawole, is gradually building a flourishing business of machine fabricatoion. He is one of the inspiring success stories of budding entrepreneurs  who shunned paid  employments, venturing instead into self employment. His carreer choice paid-off instantly. Today,  he is a successful agripreneur, specialising in the fabrication of  machines.

    In the last 10 years, Niji Group, founded in 1991, has  grown into a successful and award-winning supplier of metal fabricating machines and services.

    Being gifted at learning how machines work and making them for his clients, mostly farmers,his  company now fabricates various types of agricultural or farm implements that process produce, such as cassava, maize and groundnuts.

    These include shellers, water pumps, welding machines, ox-carts, produce driers, grain cleaners, cassava chipping machines and any other post-harvest handling equipment.

    He has fabricated fish smokers, pastry ovens, bone crushers, cassava grater,garri fryers, flash dryers,hammer mills, yam and cassava peelers.

    His list of food and agro processing plants that he can fabricate for  food entrepreneurs include cassava starch, gari processing,plantain chips,yam flour and fufu processing.

    “Starting up a metal fabricating company is a noteworthy achievement. Sustaining it successfully over several years is a remarkable accomplishment,” he said.

    Despite starting off with little capital, pouring  his life savings into his new business endeavour,    Kolawole already has over 300 workers in his employ. Success however, did not come overnight.  After leaving technical college, he worked with some companies where he larnt the business of machine fabrication before starting his own. Within a short time, he he rose to become a top player. He is now one of the most sought-after machine fabricators. Many  companies whose owners are no longer comfortable with the high cost of  importing spare parts from abroad throng his assembly plant.

    Kalawole refused to be held down by the technical challenge of the business. He got involved  in a kind of business,  which seems to be for those who studied mechanical engineering, even though  he was a product of a technical school and an advance apprencticeship programme.

    The apprencticeship programme through which Kolawole honed his skills, The Nation learnt, has taken him to big  companies and fabrication yards in Europe and Asia.

    Despite his wealth of experience garnered through such overseas trainings, Kolawole attributes his success to the delligence and commitment of his staff. He said he owes his success to his workers whose dedication made room for efficiency and ability to  maximise fabricating technology to meet customers’ demands.

    Kolawole has ploughed back his initial profit from the business into acquiring  key equipment to support production of newer and more complex fabrications. The company’s  solid financial balance sheet afforded it the opportunity of investing in fabrication technology that delivers production efficiencies.

    The budding entreprenure says his company’s ability to take on complex fabricating jobs to produce parts at competitive rate and also offer value-added services that other shops may not be able to offer was because of a handful of large and long-standing customers who have kept him and his workers constantly on their toes. There are  smaller customers who also played important part in the fabricator’s future.

    Having made a mark in machine fabrication, Kolawole established Niji Farms and Allied Services Limited,  which is spearheading green revolution with large farm land located at Ilero in Kajola Local Government of Oyo State.

    The company’s  cultivated cassava farmland covers an expanse of over 3000 acres. Kolawole is  gradually building an enterprise that could  become the nation’s biggest producer of  cassava. He has acquired over 15,000 acres to establish a private farm estate with a farmers’ business school, an agri-clinic as well as an agri-business centre.

    His aggressive expansion programme has also seen him partner Harvest Plus in the multiplication of 125 acres of Vitamin A Cassava. He said his concern is that Nigeria, despite being a large producer of agricultural produce, does not have agro-processing capability for value addition and   forward integration.

    He is, therefore, determined to  support the government explore innovative ways to incentivise farmers to use technology more effociently to add value to the country’s vast agric produce.

    On the whole, he  is working to turn around the fortunes of small farmers with local machines that can be used in farming.

    He has made  various sizes of machines with various output. They are either automatic or manually operated. He has the rare technical skill of making any machine by just looking at the one manufactured in factories. Sometimes his customers just describe for him  what they want to do and he  makes a machine that will help them do that work for them.

    Within the industry, he is regarded as a maverick who likes to try everything that challenges his skills and wits. He is determined to not only mechanise agriculture, but also take his skills andn know-how to the global arena.

    Kolawole started off by meeting with farmers and  peeking at their  real problems. He always pondered  why farmers are always at a loss when  they are supposed to be the master of the farming business.

    To solve the riddle, Kolawole created a private farm estate rich in value added facilities where people can come to see how profitable agriculture can be done. He believes that with the use of the farming estate, young people can learn and apply proven technologies in aquaculture, livestock and poultry raising, crops production and others .

    Young farmers, according to him, to utilise everything into organic fertiliser. This could help them save costs from farm input, he added.

    His dream is to see lives of young farmers completely transformed through active agro entrepreneurship. He set out to make his farm estate an agro-tourism spot- where people can enjoy and relax in nature’s comfort.

    This is why he allows field trips to his farm from students and farmers so he could share his technologies applied on the farm.  In his spare time, he  also acts as resource person for cooperatives, integrated farming, entrepreneurship, and the like.

    With his experience, he wants people  to know that there is really money in farming. For him, what Nigerians need is work ethic, determination and vision to turn their entrepreneurial dreams into  success stories.

  • Why SMEs’ funding challenges persist

    Small and Medium Enterprises (SMEs) are facing  significant financing challenges. This is because of lack of appropriately-sized loans available to SMEs,  the President,  Association of Micro Entrepreneurs of Nigeria (AMEN), Prince Saviour Iche has said.

    Speaking at the association’s exhibition and award titled: “Building a better economy Through grassroots industrialisation”, in Ikorodu, Lagos, Iche noted  that the  funding gap for small and medium scale enterprises (SMEs) was still wide  as many entrepreneurs were not accessing  loans from banks.

    Lack of support from banks, he noted, has also affected the flow of funds, adding that more can be done by the government in providing finance for  SMEs at reduced interest and without high collateral.

    According to him, SMEs are looking up to the government for support on technology upgrade in manufacturing, brand promotion and marketing, to perform better in the domestic and export markets. He  maintained that upgrading facilities to boost production  requires funding from the government  without so much restrictions.

    Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah,  said the government would support SMEs achieve growth.

    The Minister, who spoke through a Deputy Director, Dr Francis Alaneme, said the government  aims to enhance assistance for SMEs to transform their businesses and help them overcome some of the key challenges they  face.

    He reiterated the government‘s readiness to enhance support for SMEs in productivity, innovation and capability upgrading.

    This, according to him, will help SMEs boost their capabilities, restructure their businesses and remain competitive.

    The state Coordinator, Industrial Development Centre, Ikorodu, Lagos, Mrs Chinyere Mwoke, said the yearly business forum for promoting Made in Nigeria products was born out of the need to promote micro, small and medium enterprises (MSMES), highlight the potential of the local industries to produce quality goods and show case export  advantage.

    She noted that MSMEs have become crucial to the government’s effort to increase the contribution of non-oil export to foreign earnings.

    To this end, she  said the association and Industrial Development Centre (IDC) came up with the exhibition to nurture entrepreneurs.

    During the event, awards were given to some individuals and organisations. They include:Best  Entrepreneur of  the Year, which went to Chief Executive, Efosa Group, Isaac Uhunwagho; Best Mechanised MSMES Factory,  Chief Executive, Layrus Investment Company Limited, Olatunji Lawal; Best Print Media Promoting MSMES, Daily Sun; Best Radio Station Promoting  MSMES, Radio Nigeria  1,10.3.5 FM; AMEN Young Entrepreneurs Award, John Lovelyn  and Nwokerie Grace of Best Gift Schools,Ijegun, Lagos, among others.

  • Stakeholders push for larger social entrepreneurs’ role in development

    Stakeholders push for larger social entrepreneurs’ role in development

    Social entrepreneurs are using   innovation to accelerate economic growth and social development. To this end, stakeholders are advocating that they  be empowered  to  play a greater role in development in Nigeria. DANIEL ESSIET reports.

    Social entrepreneurs are becoming an important force in global economic development, therefore government should empower them to move the economy forward. These were the recommendations of stakeholders in the Social sector  at at   Ideation Hub Africa ‘s Development Dialogue for social entrepreneurs and development champions in Lagos.

    The  Country Director,African Development Bank, Dr. Ousman Dore, in his contribution, observed   that social entrepreneurs are  emerging as active players in the development field and  this underlines  the  need to strengthen their  role in implementing the future sustainable development goals.

    This is because they have  the  capacities to   boost development efforts as long as they are empowered in a socially responsible way. He further expressed the huge role of government, academia, and the private sector in supporting social prosperity, nurturing innovation from an early age, as well as promoting risk taking culture in social entrepreneurs, in order to enable them push beyond boundaries and create ground breaking innovation for society.

    He, however, expects the number of development practitioners to continue to grow, but demanded  a stronger framework to enable them  build skills to  drive lasting development  and  sustain economic growth.

    Speaking at the event, the Executive Director of Ideation Hub Africa, AdebolaDeji-Kurunmi, stated that the Development Dialogue was a rallying point for social entrepreneurs and development professionals to share ideas, connect, hone their skills and deepen the knowledge for solving Africa’s challenges.

    She also stressed the need for   collaboration within the non-profit space and across the private sector and  the government, as a defining requirement for social prosperity and economic development on the continent.  She said the country has   seen social enterprise become the model of choice for entrepreneurs who want to effect real change in the society and community, adding  that social entrepreneurs are coming from a variety of sources – universities, schools and colleges to help to improve people’s lives and  drive for social justice.

    In the seminar on: How Social Innovation Emerges and Thrives, Founder, LEAP Africa, Mrs. NdidiNwuneli spoke on the tremendous power of social innovation as a new approach to solving pressing problemsand create ideas, products and services that heighten the quality of life for citizens.

    She also spoke about creating social innovation including scaling, recruiting right talent, board governance, financing, investment-readiness amongst others.

    Manager, Public & Government Relations, ExxonMobil, Mr. Akin Fatunke gave an interesting expose about  his organisation’s credible Corporate Social Responsibility Projects as well as the reasons many social enterprises find it hard to leverage the support and funding of multinational corporations.

    Drawing from her successful involvement with government agencies on her organisation’s programmes, the Chief Executive, CSR in Action, Mrs. Bekeme Masade, spoke on strong tips for engaging the public sector on social projects and development work.

    Her guidelines included understanding the unique environment, clarifying the real issues to address, staying persistent, dealing ethically and engaging stakeholders from the beginning.

    The event, which held at Commerce House, Victoria Island, Lagos; attracted change makers, government stakeholders, NGO owners, and development leaders from diverse impact areas.

    In attendance were Executive Director,FATE Foundation Adenike Adeyemi; Executive Director , Women in Management, Business and Public Service (WIMBIZ), MosunLayode; Chief Executive, Red Media Africa, ChudeJideonwo; Executive Director,  Institute of Voluntary Sector Management;Akin Olukiran; Executive Director, Enterprising Nigeria, Dele Osunmakinde and Co-founder, ANDELA Iyinoluwa Aboyeji .

  • Business Impact boss inspires entrepreneurs

    The Chief Executive, Business Impact Limited, Mr.  Olatunde Samson, said his organisation has made it a priority to help inspire and support budding entrepreneurs.

    He was addressing an online marketing conference organisation by his organisation in Lagos.

    The conference was aimed at educating  companies  about  how digital technology can improve their businesses, in particular, how new applications and technologies can help them operate more competitively, manage costs more effectively and grow more quickly.

    The event aimed to provide businesses with the knowledge they need to use technology for digital marketing, improved productivity, and implementation of flexible working arrangements or better customer service.

    He also spoke about how businesses are  involved in social networks, and how they need entrepreneurs to help them enhance content and get more customers for products and services in the web.

    According to him,  Small and medium sized businesses need to  learn how to use technology to make their businesses more competitive in a digital age, promising support  to help businesses explore the opportunities that digital technology have presented.

     

  • SMEDAN restates commitment to helping SMEs

    The Director-General, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Alhaji Bature Masari, has said his organisation is  taking  steps  to  help solve the problems of small- and medium-size enterprises (SMEs).

    Masari, who gave the keynote address in the opening ceremony of  Small and medium-sized enterprises (SMEs) and Franchising Nigeria Conference in Lagos, shared the growing  impact of the entrepreneurship.

    Speaking through the Director, Strategic Planning and Liasion, Dr Friday Opara, Masari noted that   SMEs are important supporters of economic growth and key contributors to income generation and employment creation.

    The provision of financing to SMEs, he added, is essential to increase their productivity and competitiveness.

    According to him, SMEDAN is seeking greater access to financing from banks for small and medium enterprises (SMEs) to allow them to expand.

    Senior Vice President at Africa investor, Precious Wilson Nkandu, said franchise businesses create more jobs and grow  the  economy.

    Nkandu noted that franchising is a vital engine of economic expansion, seeing it as banner for accelerated growth and job creation. According to her, franchise opportunities are set to grow in Nigeria, urging entrepreneurs to take advantage of it and develop their businesses.

    President, Entrepreneurs Organisation Nigeria, Mr.  Anthony Okoye, said new business ventures  are  needed to  create positive economic  impact across the country.

    He observed that the economy provides an environment for ventures to thrive.

    He urged entrepreneurs to utilise local factors of production to build competitive advantages to beat the economic downturn.

    He  said the main issue for local entrepreneurs is how to increase value and add profitability. He said there were a lot of opportunities for local entrepreneurs should they become more “open-minded” and increase efforts to access new markets.