BENIN CITY- The lack of management capacities and funds to scale up has been as some of the reasons for the failure of Micro, Small Medium Enterprise (MSMEs) in Nigeria.
The Lift Above Poverty Organization (LAPO) in a 2-day workshop held in Benin city, Edo-State Capital, noted that “Small business accounts by more than 85 percent of all job opportunities in Sub-Sahara Africa as well as account for more than 73 percent of the GDP”
The 2-Day workshop with the theme: Business Expansion and funding opportunities for Entrepreneurs”, according to the organizers seeks to empower local businesses by unlocking their creativity while encouraging innovative ideas of expanding their businesses globally.
In his welcome address chairman, LAP institute Governing Council, Dr Godwin Ehigiamusoe on the occasion of the SMe workshop asserted that globally, Small business failure rate is as high as 63 percent in the first two years of community operations.
“Three Key Challenges that hinders small businesses from steady growth and expansion finance, lack of skills and the right strategies and access to markets”, the LAPO Chief represented by Mr. Moses Ehigimusoe stressed.
Delivering his lecture, Dr. Friday Okpara of Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) harped on the need for business owners to equip themselves with the (necessary clues” to sustain their businesses and take it “to greater heights”.
Dr. Okpara who spoke on the topic, “Policies and Support for Business Scale up What Small Business can tap to Expand Operations”, explained that when businesses in the country are sustainable, there will be employment generation.
Okpara, represented by Leke Babalola noted SMEDAN had to collaborate with LAPO to ensure that the capacity of participants are built to maintain a good business.
The 2-day entrepreneurial workshop which featured panel discussions by some notable the business men in Nigeria was geared towards providing information, networking and linkages for the sustainable growth of SMES.
