Business News Only Feasible SMEs can fix Nigeria's Economy Woes -...

Only Feasible SMEs can fix Nigeria’s Economy Woes – experts

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By Daniel Henry |
Economic experts have posited that only viable and flourishing Small and Medium Enterprises (SMEs) can fix Nigeria’s suffocating economy as well determine the future of the sustainability of Nigeria’s economic growth and development.
They also advocated concerted efforts by the three organs  of government to give visible support to SMEs in their respective jurisdictions for them to thrive since no country can survive without a and supported viable SMEs.
Speaking at SMEs conference put together by Businessnewscorp with the theme, “The Future Of SME Banking in Nigeria” in Lagos , the CEO of Global Analytics Ltd, Tope Fasua, said though access to credit for SMEs has always been very disturbing, however SMEs and financial institutions need to prepare themselves for the near future challenges and disruptions coming as a result of Globalization and technology advancement.
Fasua maintained that the Future of SMEs banking is dependent on the amount of Convenience customers and consumers of tangible and intangible products would enjoy as they transact with business organizations, saying that banks should make lending less cumbersome for MSMEs while the government play its due roles for SMEs to thrive.
“Credit culture in Nigeria has been terrible, however; SMEs must rev up capacity and never allow the big chips to buy them over because we need more than a few business giants to drive the economy.
“The amount of information and and other tools you put into the space would determine how you may embrace myriads of opportunities in the changing world and our human capital must not be left with adequate empowerment to keep fit into financial technology advancement.”
He added that the Future of SMEs banking depends on the bank’s ability to build up the requisite resources and its capacity to leverage on the opportunities posed by fast changes in banking business operations brought about by technological disruptions.
“Customers are navigating towards any person or corporate body who provides them with convenient services, so businesses must prepare and embrace this imminent changes and which demands smartest persons, because the world have moved on, waiting no one”.
Equally, the Director General, Small and medium Entreprises Development Agency of Nigeria (SMEDAN) Dikko Umaru, represented by the Director, Enterprise Development for SMEDAN, Monday Ewan stressed that the Economic and Recovery Growth Plan (ERGP) medium term Plan 2017-2020, has been promoting Micro, Small and medium Enterprises (MSMEs) sub -sector by providing and implementing access to finance for MSMEs which includes; Conditional Grant scheme (CGS), for micro enterprises; One Local Government One Product (OLOP); program among others.
“We are developing capacity building, mentoring, counseling and advisory services, public advocacy, networks, among others, all these programs are providing access to finance, workshop, equipping micro insurance, working capital and formalization of business Development services to MSMEs”. he added.

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