In line with development businesses in the society, Stakeholders and Small business owners urged the government to come up with a sustainable policy plan targeted at small businesses in Nigeria to help them grow.
This was disclosed at the fourth edition of NIFESAF Business and Career Expo 2024 in Lagos.
They identified poor electricity supply, taxation and unfriendly business demands from government officials as parts of the challenges inhibiting the growth and contributions of small businesses, which they describe as the engine of Nigeria’s economic survival.
Fred Nnadike, the global Chairman of NIFESAF, at the event where locally made goods were showcased, said, “SMEs need an enabling environment to be able to thrive in whatever we are doing. There are things we can do for ourselves and there are things we cannot. If we have stable power, the cost of production becomes relatively cheaper for SME operators and manufacturers here.”
Nnadike noted that grants would help Nigeria’s economy improve better and also help business owners realise their dreams of expanding their businesses for export.
“That is where we need the help of government. What our association is doing is promoting and encouraging local production. We encourage SMEs because they are responsible to a large extent for the economic growth of any nation. If you take away the SMEs, the system would collapse as the government cannot employ everyone and cannot do everything for everyone,” he said.
Meanwhile, Iyke-Henry Nnadike, the NIFESAF Chairman also said that the organization needs maximum support to achieve both the short and long term economic growth and development the government has been wishing for.
He asserted, “In Nigeria, we have this program organised to send a signal to the government that SMEs require maximum support in terms of policies that are favourable for SMEs to thrive and grow the economy since they are the engine room for economic growth. In the aspect of tax, you will discover many small businesses are struggling because of high taxation.”
He stated that SMEs’ tax rebates would help, coupled with a conducive environment for them to operate.
Also speaking, Mrs Chika Alison, the Vice Chairman, NIFESAF, Lagos Chapter, and Chairman of Planning Committee for Economic and Career Expo 2024, said what attract small business owners to the association is that they are ready to collaborate with the government.
“We can have the economic challenge that is eating deep into society not just reduced but get to the point of elimination. We have tried creating this unique platform where we can nurture, raise, and grow SMEs.
“We need to build Nigeria. NIFESAF is out to build SMEs to grow, nurture, stabilise and sustain businesses. That is the platform we are showcasing and giving today,” she averred.
She advised the government to improve on human capacity development and promote skill acquisition.
Also, Bayo Yusuf, the founder of Farmskills Ltd explained his bad experience at a government parastatal, saying that some of them were out to help to promote business growth.
“As an SME operator, there is a lot the Federal Government needs to do that they are not doing. I went to do nutrition analysis at the Federal Institute of Industrial Research, Oshodi, a government parastatal. I would have expected a situation where they wanted to encourage SMEs. Now, no one is asking me to do the nutrition analysis; I just wanted to do it to convince my customers. I want to take my products to the supermarket.
“Now, it is very expensive for an SME. I was informed it would take weeks for my result to be released on the excuse of when the electricity supply improves,” he explained.
