Tag: SMEs

The Lagos Green Economy recently converged large corporations and Small Medium –Scale Enterprises (SMEs) to share experiences on incorporating sustainable business practices into their supply chain processes.

In his keynote speech, the Commissioner of the Environment and Water Resources, Lagos State, Tokunbo Wahab said that the growing economy seeks to highlight the importance of discussing finance and bringing sustainable commerce into the economy .

Speaking through his representatives, Dr. Tunde Ajayi, General Manager, Lagos State Environmental Protection Agency (LASEPA), he said: “Lagos has well over 8,000 SMEs,  and driving sustainability through them  is one way of pulling more people into the net.

“The engine of Lagos economy is the SMEs. The steps we have taken to drive sustainability in SMEs, we have provided opportunities for them to get finance to transition from fossil fuel to green electricity when you have solar panels and all that. There is the employment trust fund that gets finance or loans for them. These loans help them scale faster. There is the ministry of wealth creation where there are a lot of opportunities creating even equipment for them to scale much faster. All of these put together help them drive their sustainability, also someone has said that the ministry of women empowerment and poverty alleviation is putting all of these women on the part of commerce to earn something for themselves, that in itself becomes sustainable.”

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Convener of the event, Korede Oluwola added: “The Lagos Green Economy Forum is structured to converge on the relevant stakeholders, including Large Corporations, SME Groups and Associations, Financial institutions and the Government to deliberate on the roadmap and financing mechanisms to motivate the SME sector to commit to climate action and sustainability. The participating SMEs will be supported with relevant advisory services after the forum to ensure that the transition process is seamless. 

“There is no way a large corporation can perform optimally without the strong input of the SME  businesses and what some of them have been able to do is  that they have been able to acculturate all the SMEs that work for them or are their vendors or suppliers because the financial reporting council of Nigeria has given a mandate that by 2030 companies should start reporting on their environmental footprints, they are doing a lot in doing that.

“And to transit to sustainability, they have to learn what it takes to transit, first, education and we are starting it today. We are not just having a talk shop, this is the first edition. It is more like a ground breaking journey and we have a series of post event activities. We will be having workshops, training, webinars, different capacity buildings etc  preparatory to when we are coming out with the second edition next year. Every sector of the Nigerian economy has SMEs businesses. What we intend to do is to work with the SME umbrella organisations. The conversation will keep going. Since they have a structured umbrella body, it is easier for us to work with them that way.”

There was a launch of an app called Green Track which helps guide SMEs on how to transit to sustainability.

There was an interactive  discussion session where panelists dwelt on the SMEs sustainability journey. They included   Lovely Okoye (Sustainability Manager, 7UP bottling company Plc); Temilade Olabanji ( Senior Manager,Sustai and Shared Value, MTN Nigeria Communications, PLC); Juliet Ezeani (Senior Business Advisor, TecnoServe); Titilope Oguntuga, ( Director of Sustainability, HIS Nigeria); Gloria Okoria (United Nations).

Lagos State Governor, Babajide Sanwo-Olu has restated his commitment to supporting Small and Medium Scale Enterprises (SMEs) in the state. He has therefore unveiled the Lagos State Access to Finance for SMEs through Cooperatives (LASMECO) to provide access to finance for SMEs and registered cooperative societies in the state.

He unveiled the initiative at the Adeyemi Bero Auditorium, Alausa, Ikeja, yesterday in partnership with Bank of Industry (BoI) and Sterling Bank Ltd.

He said the tripartite initiative was designed to break the funding barrier to enable SMEs to access up to N10 million at a single-digit interest of nine per cent per annum without collateral.

LASMECO is a first-of-its-kind public-private financing platform that aims to deliver low-interest, risk-mitigated loans to SMEs across strategic sectors, including healthcare, agriculture, creative industries, manufacturing, and circular economy clusters.

The initiative is a game changer that will accelerate access to finance for SME business owners in the state by providing a loan of up to N10 million at  nine per cent interest rate for two to three years.

The governor advised the beneficiaries to use the money and grow for their businesses judiciously.

“I stand here today filled with pride and hope. Pride in the indomitable spirit of Lagosians, and hope for the future we are building together.

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“This occasion, the launch of the joint initiative between the Lagos State Government, Bank of Industry, and Sterling Bank MSME Fund, is not just a formal unveiling of a financing programme.

“It is the unveiling of dreams, the lighting of thousands of small candles that together will illuminate the path to a more prosperous and inclusive Lagos.

“Let me begin with a story that captures why this moment matters. A few years ago, I met a young woman named Bisola in Alimosho. Bisola ran a small tailoring business out of a single shop.

“She had creativity, she had customers, and she had ambition, what she didn’t have was affordable capital to expand. Traditional loans were out of reach without collateral, so for years her dream of opening a small factory remained just that: a dream.

“In 2020, through a Lagos State support scheme for small businesses, Bisola accessed a low-interest loan. With that little boost, she bought two additional sewing machines and hired three apprentices from her community,” the governor said.

The governor further said there were other Bisola’s that would benefit from the scheme.

Sanwo-Olu commended the contribution of the informal sector to economic growth and development.

“Bisola’s story is not only inspiring, but it is unique. It is one of thousands of success stories our Micro, Small, and Medium Enterprises (MSMEs) have written across this great state.

“From the bustling markets of Balogun and Idumota, to the tech hubs of Yaba, to the bustling garages in Ikeja and the creative studios in Surulere, our MSMEs are the unsung heroes of Lagos’s economy.

“They are the backbone and the heartbeat of our drive toward prosperity. When we talk about making Lagos a 21st century economic powerhouse, it is their energy and innovation that power the engine.

“Think about it, MSMEs account for almost 96 per cent of businesses in our nation and nearly half of our GDP. Here in Lagos, we are proud to host the highest concentration of these enterprises in Nigeria.

“That means millions of our citizens wake up every day as owners of small shops and stalls, founders of startups, operators of restaurants and factories, providers of services and artisans of trade.

“Together, these hard-working men and women employ the vast majority of our workforce and provide livelihoods for countless families. They turn the cogs of commerce in every neighborhood, from Epe to Eko, Badagry to Ikeja,” he said.

Also speaking, the Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folasade Ambrose-Madebem, described the initiative as a revolutionary financing scheme for MSMEs to provide a single digit non-collateralised loan.

Ambrose said the loan to be given to businesses under cooperatives would unlock the next generation of entrepreneurs in the state.

“So, as we begin this journey today, let us remember that this is not just about launching, it’s about unlocking the next generation of entrepreneurs.

“This is about creating a type of globally grown, globally competitive enterprise that will find its future opportunities.

“It’s about ensuring that whether you’re a young woman in Badagry, a healthcare provider   LASMECO will work for you,” she said.

The Managing Director of BoI, Dr Olasupo Olusi, said the bank partnered Lagos on the initiative to ensure access to finance for MSMEs to tackle poverty and guarantee economic growth in communities.

The highpoint of the event was the signing of the Memorandum of Understanding (MoU) on the initiative between the state government, BoI and Sterling Bank.

The Lagos State government is intensifying its efforts to empower local Small and Medium-sized Enterprises (SMEs) to tap into the vast potentials of continental and international export markets, particularly the African Continental Free Trade Area (AfCFTA), European, and Asian markets.

Experts estimate that the African Continental Free Trade Area could unlock a market with a combined GDP of approximately $3.4 trillion, offering significant opportunities for Nigerian SMEs to expand their reach and revenue streams.

The commitment was highlighted as Governor Babajide Sanwo-Olu received the “SME Most Friendly Governor of the Year 2025” award at the Nigeria National SME Business Awards 2025 in Lagos.

The move by Lagos State aligns with the Federal Government’s push to build the export readiness of local SMEs, particularly to leverage the transformative opportunities presented by the AfCFTA.

Speaking through the Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Abrose-Medebem, Governor Sanwo-Olu affirmed the state’s recognition of the “immense potential” of Lagos-based SMEs in the export sector. He stated that the government is actively implementing strategies focused on providing SMEs with crucial access to information, financial resources, and logistical support necessary for navigating the complexities of international trade.

A key thrust of these efforts, the Governor emphasised during a question-and-answer session, is to equip Lagos SMEs with the knowledge and skills required to compete effectively within the AfCFTA and the wider global landscape. This, according to the governor, aimed at enhancing export readiness, including capacity-building programmes and market access support.

His words: “And export readiness is one of them. Access to  affordable finances is another. And the third one is really being able to understand and have the capacity to implement a thorough strategic roadmap  to scale their business, to train their staff, to understand the business environment. That is part of what we’re doing. And finally, we’ve also worked on our industrial policy to make sure also that the overall business environment is adequate and suitable.”

According to the Governor, the government was actively working towards establishing a comprehensive database of SMEs within the state to better tailor support and connect businesses with relevant opportunities.

The Ogun State Commissioner for Industry, Trade and Investment, Adebola Sofela, reaffirmed  the state Government’s dedication to fostering a supportive environment where small businesses can drive inclusive growth and economic transformation.

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Speaking at the Nigeria National SME Business Awards, he emphasised the government’s commitment through various MSME-focused reforms.

Represented by the Director of Industrial Promotion, Engr. Kehinde Akintomide, the Commissioner highlighted key initiatives such as the Ogun State Business Environment Council, MSME One-Stop Business Facilitation Desks, Ogun MSME Clinics & Expanded Business Clinics, and the establishment of the Ogun State Enterprise Development Agency.

Sofela lauded the Association of Small Business Owners of Nigeria (ASBON) and the Lagos State Ministry of Commerce, Cooperatives, Trade and Investment (MCCTI) for their collaborative efforts in creating a national platform that recognises the vital contribution of micro, small, and medium enterprises to Nigeria’s socio-economic progress.

“The Nigeria National SME Business Awards is more than just an event; it’s a movement.”It’s about recognizing, rewarding, and reinforcing the transformative power of entrepreneurship. Today’s event underscores our shared commitment to building a Nigeria where businesses, no matter their scale, can aspire, launch, expand, and flourish sustainably,” Mr. Sofela stated.

The President of the Association of Small Business Owners of Nigeria (ASBON) and convener of the awards, Dr Femi Egbesola, lauded the collaborative efforts of both private and public sector stakeholders in nurturing the growth of SMEs. He emphasised that these businesses are the “bedrock of economic progress,” fostering innovation, generating employment, and driving sustainable development.

Egbesola highlighted the awards’ core mission: to shine a spotlight on the individuals, organisations, and initiatives that have demonstrably contributed to the flourishing of Nigeria’s SME ecosystem.

He emphasised that SMEs are the bedrock of economic progress, fostering innovation, generating employment, and driving sustainable development across various sectors.

“These awards are a testament to the unwavering dedication and impactful contributions of those who champion the cause of SMEs in Nigeria. “We recognize that the growth of this sector is not a solitary endeavor but a collaborative effort that requires the commitment and strategic interventions of both the private and public spheres,”   Egbesola stated.

He lauded the resilience and ingenuity of Nigerian entrepreneurs, who navigate a complex business environment with determination and a spirit of innovation.

He stressed the importance of creating an enabling environment that fosters SME competitiveness, facilitates access to finance, provides adequate infrastructure, and streamlines regulatory processes.

The key speaker and Executive Director/ Chief Executive Officer ,FATE Foundation, Mrs. Adenike Adeyemi noted that SMEs hold immense potential for economic growth and job creation, yet a weak financial framework hinders their progress.

Nigerian SMEs, despite their crucial role in  the  economy, she noted n face challenges in accessing finance due to a lack of transparent and reliable performance indicators.

She further explained that credit ratings provide lenders and investors with an objective assessment of an SME’s creditworthiness, thereby building trust and facilitating access to much-needed capital.

 She indicated that a robust credit rating system acts as a vital bridge, connecting SMEs with financial opportunities that can fuel their growth and enable them to contribute even more significantly to Nigeria’s economic empowerment.. She urged stakeholders in the financial sector to prioritise the development and adoption of comprehensive credit rating mechanisms tailored to the specific needs of SMEs in Nigeria.

Major awards during the event include SME Mostly Friendly Governor of the year 2025 won by Governor, Babajide Sanwo-Olu,Best Governor in Enterprise and Investment Promotion in Nigeria-year 2025-won by Ogun State Governor,Prince Dapo Abiodun Best Payment Crad Network Processor for SMEs-2025 won by Mastercard Foundation.

Others were SME Best Digital Banking Excellence/Bank of theYear 2025-Zenith Bank, SME Hero in Public Service -2025 Ms Sola Arobieke,Leadership in Enterprise Development 2025- Fate Foundation;SME Development Finance Bank of the Year 2025-Bank of Industry,SME Micro Insurance Company of the Year 2025-Goxi Micro Insurance Company  Limited ;SME Impact Leader Award/SME Man of the Year 2025- Managing Director, 7Up Bottling Company- Mr Ziad Maalouf, amongst others.

The event featured a panel discussion which was moderated by  the Special Adviser to the Ogun StateGovernor and Deputy Director General Ogun State Investment Promotion and Facilitation Agency(OGUNINVEST), Ms Sola Arobieke. The panelists included the Managing Director, Coxi Microfinance,Mr Shina Gbadegesin, the Regional Manager,Bank of Industry,Mr Richard Imonije;Co Founder, Get Funded Africa(GTA), Mr Tunji Oke;Founder,EULAV,Mr Martini Mabifa, General Manager,SOUQ TV & ISLE 104.9 FM,Dr Idahosa Osamhanze and Lagos State Manager,SMEDAN,Dr Bunmi Kole-Dawodu .

To improve access to working capital for small and medium-sized enterprises (SMEs), Fiducia, a digital supply chain finance platform, held its first-ever Factoring Forum in Port Harcourt. Themed “Unlocking Growth: The Power of Factoring for Business Expansion.” The event brought together industry leaders, financial experts, and other stakeholders to explore how factoring can address  persistent SME cash flow challenges.

Factoring is a financing solution that allows businesses to sell their unpaid invoices to third-party financiers in exchange for immediate cash.

Globally, the factoring market is expected to grow from $4.39 trillion in 2024 to $7.35 trillion by 2031.

In Africa alone, the market expanded by 13.5 per cent  in 2023, indicating a rising demand for alternative financing models among SMEs.

The Group Head, Commercial Banking Group (CBG) South-South at Access Bank,Evi Ufuoma Kanu, underscored the forum’s importance for regional development.

“This platform is not only timely but strategic. It opens up real opportunities for SMEs working with large corporates to scale faster through easier access to finance,” she said.

Fiducia’s Chief Executive, Imohimi Aig-Imoukhuede, emphasised the company’s mission to simplify and expand SME access to funding through its digital platform.

“We aim to empower businesses by giving them quicker access to funds and helping them navigate the complexities of working capital finance,” he stated.

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Through its marketplace model, Fiducia connects corporate buyers, suppliers, and financiers, enabling vendors to trade their receivables for immediate capital. This not only boosts liquidity for SMEs but also enhances supplier-buyer relationships and improves financial efficiency for large corporates.

The forum also spotlighted the growing role of factoring as a solution to global financing gaps. The International Finance Corporation (IFC) estimates that nearly 65 million businesses in developing countries face unmet financing needs totaling $5.2 trillion annually—highlighting the scale of the challenge and the opportunity for platforms such as Fiducia to make an impact.

The Port Harcourt edition marks the beginning of a national campaign by Fiducia to deepen financial inclusion in key economic sectors, including oil and gas, manufacturing, and agribusiness.

Lagos State government is solidifying its position as a leading hub for innovation, to attract startups  and small businesses  finding fertile ground to commercialise their breakthroughs.

Executive Secretary , Lagos State Employment Trust Fund (LSETF), Feyisayo Alayande who spoke at the just concluded Impact Investors Foundation (IIF)  supported  Enterprise Support Organisation (ESO) in Nigeria event in Lagos, highlighted the strategic advantage of state ‘s location and supportive environment.

Represented by  the Head of Strategy and Product Development LSETF, Gbemisola Ladipo, the Executive Secretary emphasised that the success of startups hinges on the  government-supported infrastructure and assistance framework.

She highlighted the importance of providing “affordable plug-and-play spaces” along with a “comprehensive suite of support,” which includes access to venture capitalists and skilled talent.

Furthermore, she noted that the support offered extends beyond mere physical locations, indicating ongoing efforts to assist startups and plans for further expansion.

According to her, LSETF has allocated substantial funding to support numerous innovative projects and foster collaborations among startups.

She also pointed out that Micro, Small, and Medium Enterprises (MSMEs) are essential to the economy, which drives LSETF’s commitment to improving their operational efficiency, lowering costs, and facilitating easier access to capital.

She asserted that access to financial resources constitutes a significant obstacle to entrepreneurial growth in Nigeria.

Acknowledging the importance of increased female participation in business for both economic recovery and societal progress, she emphasised that the Lagos State Employment Trust Fund (LSETF) is leading efforts to close the financing gap for women entrepreneurs in Lagos through its Women Entrepreneur Fund (W-initiative) loan program, in collaboration with Access Bank Plc.

She highlighted that the  initiative aims to provide essential financial assistance to female business owners in the region, thereby promoting business development in Lagos.

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Furthermore, she pointed out that the funding of technology startups within the LSETF framework has allowed the Lagos State Government to engage actively in the local ICT sector.

She emphasised that by concentrating on startups, LSETF has  served as a conduit for fostering and expediting business growth within the sector, while also enhancing employment prospects.

In her presentation, the General Manager,  Ibom Leadership and Entrepreneurial Development Centre (Ibom-LED) Uyo, Akwa Ibom State, Mrs Ekaette Umoh  indicated that the state government was working towards  making the place a vibrant innovation scene.

Her words: “These include  recent signing of a N4b matching fund – Bank of Industry and Akwa Ibom State government.

The set up of Ibom-LED to train MSMEs in Akwa Ibom in world class business tools to enable engage efficiently and profitably. 1,200 have been so trained and the government has given them grants between 500- 750k each.

From what I see, Akwa Ibom is uniquely positioned as Nigeria’s next frontier for industrialisation, trade and entrepreneurship.”

She pointed out that being an entrepreneur requires a diverse set of skills, predominantly focused on dedication, resilience, and self-discipline, as entrepreneurs are regularly confronted with various challenges that may hinder business operations.

According to her, transitioning to a solution-oriented mindset is essential for effectively addressing business challenges in general.

In terms of future plans, she indicated that Akwa Ibom aims to bolster its innovation ecosystem by prioritising the development of deep tech talent, creating a conducive environment for startups, and facilitating their international growth.

There were presentations during a panel session facilitated by Founder/Principal Partner, Nextier, Patrick Okigbo. The panelists included, Executive Director. EnovateLab,  Ahmed Idris; Country Representative, Innovision Consulting Limited, Iffat Mahmud, and Chief Executive Officer ,Strateco Sustainability ,Yewande Ososanya. Others include Chief Executive /Founder, 8th Gear Hub & Ventures Studio, Damilola Obadairo; Chief Executive, Cuano Consultants Limited, Nonye Umahi; Chief Executive, MSME Africa, Seye Olurotimi and Chief Eecutive, PABL Consults Evans Edebor.

Accion Microfinance Bank, a reputable institution in Nigeria’s microfinance sector, recently conducted its first Customer Forum event of 2025 in collaboration with the Development Bank of Nigeria (DBN).

The event held virtually centered around the theme “Unlocking Opportunities for Growth,” and gathered industry experts, entrepreneurs, and key stakeholders to discuss opportunities for business growth, financial sustainability, and access to funding in an evolving economic landscape.

Setting the stage for the insightful discussions, the Ag Head of Marketing Communications, Anita Oguni, extended gratitude to all customers for their attendance and underscored Accion MfB’s commitment to empower businesses, entrepreneurs, and individuals with the necessary financial solutions for sustainable growth.

Marking a key highlight of the event, the interactive session featured distinguished personalities including the MD/CEO of Accion MfB, Taiwo Joda; Chief Operating Officer of DBN, Mr. Bonaventure Okhaimo; the Chief Commercial Officer of Accion MfB, Stephen Olalere; and the Chief Digital Officer of Accion MfB, Paul Ehiagbonare.

Mr. Bonaventure led an engaging discussion focused on SME development, access to finance, and maximising financial technology to drive business scalability. He emphasised the need to navigate challenges posed by escalating commodity prices and interest rates: “We need to find a way to continue to use these platforms to develop MSMEs and enable them to grow themselves up and, at the same time, grow the economy.”

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Additionally, Paul Ehiagbonare unveiled the upgraded features of the AccionMonie app, stating, “This is a completely re-engineered and redesigned app with enhanced functionality and features that were not possible before, making onboarding seamless and secure. We have introduced the NIN and facial verification features to provide customers with added security. Based on feedback received from our previous Customer Forum event, customers can now conveniently transfer up to N10 million in a single transaction, streamlining their banking experience.”

He further elaborated on the app’s new capabilities, “The app now offers quick loans within 10 minutes, a refer and earn option, as well as target and locked savings features, catering to the diverse financial needs of our customers. With these enhancements, we aim to provide a more streamlined and efficient digital banking experience that empowers our customers to manage their finances with ease and convenience.”

This event served as a valuable platform for customers to voice their issues and concerns, facilitating constructive dialogue and collaboration. Attendees were also encouraged to share their innovative ideas.

In reaffirming the bank’s dedication to driving economic growth and financial inclusion, Mr. Taiwo Joda emphasised: “DBN is collaborating with Accion Microfinance Bank to develop a gender-focused loan exclusively for women, marking a significant enhancement in our loan features. This initiative aims to equip women with the necessary financial resources to thrive and expand.”

The success of the Customer Forum highlights Accion Microfinance Bank’s commitment to empowering businesses and individuals through financial inclusion. By engaging with stakeholders, the bank continues to gather valuable insights to support sustainable economic growth.

The number of small and medium enterprises has exceeded 44 million, a foremost enterprise  support organisation, Fate Foundation has said. The organisation said it has been able to reach out to about 2 million entrepreneurs across the country. Its Dean & Director,  FATE School, Bambo Adebowale, said the foundation is driving a shift in mindset that could be the key to transforming Nigeria  into one of the world’s  leading startup ecosystems.

Answering questions during  a press briefing on  preparations for 10th FATE Business Outlook and Alumni General Meeting (AGM) scheduled for Friday, Adebowale noted that the path to the vision requires more than just regulatory reform.

To thrive, he noted that the country must overcome a prevailing culture of negativity that hampers both public and entrepreneurial enthusiasm.

On the Business Outlook, he noted that the platform has grown into a powerful avenue for entrepreneurs, providing them with invaluable insights to drive sustainable growth in their businesses.

His words: “When we launched Business Outlook in 2016, our vision was to create a knowledge-driven forum that would equip entrepreneurs with the tools to navigate the ever-evolving business landscape. We recognized the need for a strategic gathering where real-life business challenges and opportunities could be analyzed with practical solutions. Today, that vision has materialized into an impactful event, fostering innovation, resilience, and market positioning for hundreds of businesses. This year, our theme, “The Good, The Bad, and the Opportunities,” is particularly timely. Given Nigeria’s dynamic economic landscape, entrepreneurs are constantly faced with both challenges and possibilities. “

According to him, the foundation supports the Federal Government in its bid to develop an inclusive budget to create jobs, boost agriculture and MSME growth.

He said what small businesses were interested in is a fiscally prudent budget and policies direction which promote an enabling environment for small businesses and support employment and entrepreneurship opportunities.

He noted: “The 2025 Business Outlook will provide practical strategies to help businesses adapt, innovate, and scale in the face of macroeconomic fluctuations. It will also be a celebration of ten years of impact, insights, and transformation within the FATE Alumni community. At FATE Foundation, we believe in equipping entrepreneurs with the right mindset, frameworks, and support systems to excel and the Business Outlook, for a decade now, has served as a compass for our alumni, guiding them through economic shifts, policy changes, and market evolution. Over the years, we have seen business leaders leverage insights from this event to scale their operations, pivot effectively, and tap into emerging opportunities. As we reflect on ten years of impactful discussions, I encourage all business owners and alumni to take full advantage of this milestone event that is scheduled to be held on the 21st of February 2025. Let’s learn, connect, and grow together. I am using this opportunity to also invite you, the press, to the event to cover and amplify the impact we have made in the Nigerian entrepreneurship ecosystem.”

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He said the organisation has made huge efforts towards creating a dependable national database from a survey of entrepreneurial profiles, identifies the socio-demographic characteristics and intrinsic capacities of entrepreneurs and determines the main constraints and needs in terms of support for creating and developing their businesses.

The President of the FATE Alumni Executive Committee, Toyin Bakare, highlighted the importance of the Business Outlook as a forum for reflection, learning, and collaboration. She stated that it has assisted entrepreneurs in understanding economic conditions and crafting practical strategies to overcome business obstacles. Senior Programs Manager & Head, Growth and Alumni Services, Fate Foundation,Oluwaseun Oshoniyi, Senior Program Manager & Head, Growth and Alumni Services reiterated that the organisation was committed to equipping business owners with the knowledge and networks they need to thrive. According to her, the study conducted by the organisation revealed that an increasing number of women are now engaged in entrepreneurship.She said the study confirms that established and the development of micro, small and small-sized enterprises (MSME) represent an important source of short and medium-term employment for the country.

Stakeholders, entrepreneurs and economic experts gathered on Saturday January 25 for the much-anticipated 2025 Economic Summit with the theme: “Navigating economic uncertainties in 2025.” 

The event, at the Redeemed Christian Church of God, Christ Church, Lagos Province 35, Gbagada, Lagos, delved into pressing issues affecting small and medium enterprises (SMEs), the tech ecosystem, and the challenges faced by startups navigating Nigeria’s complex economic terrain.

The summit provided a platform for thought leaders to dissect the critical role of SMEs and technology in shaping the nation’s economic resilience amid global uncertainties. Panelists addressed topics ranging from the evolving value systems in the entrepreneurial landscape to the reality of operating and scaling a startup in a challenging business environment. 

Financial expert and keynote speaker, Mr. Kola Ayeye, spoke on the effect of mentorship and guidance in fostering sustainable growth for SMEs and startups, emphasising mentorship bridges the knowledge gap for entrepreneurs, providing them with insights, strategies, and support to navigate challenges and make informed decisions in a volatile economy. 

He further emphasised the pivotal role of the Igbo Nwa Boys apprenticeship system, highlighting the rigorous mentorship and guidance they undergo, which equips them with the skills, discipline, and entrepreneurial mindset necessary to achieve success in life.

Speaking on investments, Ayeye noted that getting professional advice was crucial for making informed decisions, minimizing risks, and maximizing returns, especially in a volatile economic environment like Nigeria’s.

“If you want to invest, if you are not investing in the safest instruments like treasury bills,, if you want to invest in stocks or you want to invest in foreign securities, always get professional advice.

“And then what you don’t understand, don’t invest in, if you don’t understand it, don’t invest in it. And then there’s one thing they say, if it is too good to be true, it is probably not true.

“All these people who tell you that you will make 30% a day, 30% a month, then be very, very careful. Those are the things I would say. And my biggest advice to Nigerians, let us stop paying bribes, let us stop taking bribes, let us fight corruption,” he said.

Associate Professor of Entrepreneurship and Management at Lagos Business School, Dr Henrietta Onwuegbuzie, advised young entrepreneurs to prioritise learning soft tech skills that can enhance their businesses in today’s rapidly evolving digital landscape.

 She emphasised the importance of understanding tools and technologies that streamline operations, improve customer engagement, and drive growth urging that youths invest in continuous learning and upskilling, stressing that adaptability and innovation are key to building resilient businesses. 

“In this digital age, it’s not just about hard work; it’s about working smart. Soft tech skills like data analysis, digital marketing, and leveraging online platforms are essential for staying ahead in a competitive market,” she said. 

Reflecting on the challenges brought by the COVID-19 pandemic, Dr. Henrietta noted how a lack of innovation led to the collapse of many businesses.

“During the pandemic, businesses that thrived were those whose leaders had the foresight to adapt and innovate. Unfortunately, many businesses crashed because their leaders lacked the technical know-how to pivot their operations or explore alternative solutions,” she added.

Speaking on the global implications of President Donald Trump’s rise to power in the United States, Pastor Emeka Obiagwu remarked that it would likely influence oil prices, which, in turn, would have a significant impact on Nigeria’s budget.

“You know, what you hear is often said that when America sneezes, the world catches cold. Okay? That cannot be ruled out.

Whenever America sneezes, the world catches cold. If Trump goes ahead with oil production, which he’s looking at, you find out that the impact it will have on us in Nigeria is that oil prices will go down. And when oil prices go down, Nigeria’s budget will be affected, so that will lead to decline, depletion in our forex reserves, that will also affect a whole lot of things, the government will be squeezed.” He said.

The summit featured question and answer sessions where experts addressed issues across various fields and reiterated the importance of SMEs as the backbone of Nigeria’s economy. They highlighted how embracing innovative strategies, leveraging local resources, and accessing funding could provide much-needed stability in uncertain times.