Over the years, the federal and state governments have granted large sums of money to Small and Medium Enterprises (SMEs) to assist them in developing their operations and contributing more effectively to the national economy. However, the majority of funds do not reach their intended recipients, and small firms continue to suffer as a result of underfunding and bad funding.
However, Solomon Aderoju, a former chairman of the Lagos State chapter of the Nigerian Association of Small and Medium Enterprises (NASME), has urged the state and federal governments to channel money and palliatives intended for SMEs through Business Management Organizations (BMOs).
According to Aderoju, BMOs know their members and understand their issues, and if money designated for SMEs is handled by BMOs, the funds will reach their intended recipients and be put to good use.
He identified small enterprises as the lifeblood of the Nigerian economy and urged government officials at all levels to promote them through money, regulations, and programs.
He claimed that the withdrawal of the petrol subsidy had made the Nigerian business environment challenging and unfriendly and that the costs of goods and services had risen as a result.
In order to survive and grow in these challenging times, he urged small firms to collaborate and share resources.
He advised firms to investigate ways to develop and increase their markets, noting that the African Continental Free Trade Agreement (AfCFTA) allows them to examine the possibility of exporting their products.
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He remarked that in order to stay afloat, small firms should analyze and decrease their overhead and operational expenditures.
The former chairman of the Lagos State NASME urged BMOs throughout the country to unite and work together on advocacy projects to attain better results.
He also emphasized the need for the government to listen to BMOs because they understand the issues that small businesses face.
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