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In a bid to formalise activities of small businesses and widen their contributions to economic growth, stakeholders have sought innovative measures to improve such enterprises’ participation by creating effective linkages.
According to the stakeholders, the Federal Government needs to implement policies that will enhance ease of doing business in order to attract operators in the informal sector to the formal sector.
Speaking at a forum organised by the Small and Medium enterprise Development agency of Nigeria (SMEDAN) and Hudson Group in Lagos, the Director General/Chief Executive Officer, SMEDAN, Dr. Dikko Umaru Radda rallied support for increased funding for the SME sector as well as credit guarantee for start-ups.
Radda, who was represented by the Director, Enterprise Development, Wale Fasanya, noted that the optimality of SMEs in growth clusters can only be achieved when they are intergraded into the broader national developmental plan.
“The present reality of a shrinking macro economy has rippling adverse effect on the development of small and medium enterprise in Nigeria. Many medium enterprises have had their growth stunted suddenly due to poor microeconomic policy. The fiscal side must retool its tax policy to incubate growth among small and medium enterprises, providing them both incentives and waivers when necessary”, he added.
Vice President, Hudson Group, Tom Iseghohi who is also the Chairman Steering Committee, Enterprise Development Solutions Initiative, advocated active participation of every Nigerian as a stakeholder in developing the economy and achieving desired growth.
Also, the Commissioner for Information, Akwa Ibom State , Charles Udoh, who represented the state government said the state has engaged in enterprise development initiatives by investing in infrastructure needed to enhance industrial growth.
He added that the state is already operating a toothpick factory that has commenced production, and building a pencil factory in the state.
On his part, The Chief Executive Officer, ME Consulting, Victor Eromosele said Nigeria has to improve its balance of trade via exports products and services in order to bring down the exchange rate.