Small and Medium Scale Enterprises (SMEs) in the last five years have contributed about 48 per cent of the national Gross Domestic Product (GDP), statistics from the National Bureau of Statistics (NBS) says.
More statistics have shown that SMEs are currently in the forefront of output expansion, employment creation to facilitate economic growth.
SMEs are regulated by the Small and Medium and Enterprises Development Agency of Nigeria (SMEDAN) for stimulating and promoting economic development.
However, experts have contended that small and medium scale operations in Nigeria has become too regularized and not in tandem with the best practices experienced in developed countries and they have called for technological revolution for faster and efficient business operations in the country.
A financial expert and the current President Institute of Chattered Accountants of Nigeria (ICAN), Mr Isma’ila Zakari called for the improvement and digitization of business start ups especially for business enterprises in the rural areas during the Institute’s entrepreneurship and capacity building forum in Abuja.
Zakari argued that some business in Nigeria is experiencing slow and stunted growth due to crude and manual ways of operation that is devoid of digital and advanced processes.
“Every Nation is shaped by entrepreneurs to run their manufacturing and industry, but in the past years it has not been at the expected level as most of the machinery and facilities used requires upgrade to facilitate development in developing countries like Nigeria.”
He added that the Federal government through different financial institutions like the Central Bank of Nigeria (CBN), the Bank of Industry (BoI) and other financial lending organizations can consult for inputs on how to enhance performance of the business environment asides giving loans and other assistance to farmers, artisans and other entrepreneurs.
Zakari said that entrepreneurship still remains a key component in scoring essential development in any nation especially developing ones.
A development expert and director, human capital management and development of the Federal Inland Revenue Services (FIRS), Victor Ekundayo also emphasized on the need for to entrepreneurs take opportunity of situations to add value to nation’s growth of which technology is an integral part in order to make business easy and flexible.
He said, “Innovations are emerging every day and it is important for entrepreneurs to look out for such opportunities and get maximum results out of it. Also the best for one to better his/her venture is when one look for the missing ideas in an enterprise and using technology to find solutions for maximum profit.”
Ekundayo said some of the challenges faced by entrepreneurs like inadequate access to capital and infrastructure in Nigeria are being addressed through various interventions by financial lending institutions like the Central Bank of Nigeria, Bank of Industry and the other private donor organizations like the Tony Elumelu foundation.
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