The agency for the development of small and medium -sized companies (Smedan) has moved to create more jobs in the micro, small and medium enterprises (MIPYME) sector through its “growing Nigerian” strategy.
Speaking when meeting with members of the Association of Commerce and Industry correspondents of Nigeria (CICAN), the general director of Smedan, said Charles Odii through the Grow strategy, which is an acronym for guidance, resources, opportunities and support of the workforce, Smedan could help SMEs overcome common obstacles and experience the growth of several sectors of the Nigerian economy.
He explained that through the initiative, Smedan would provide small companies expert advice, tutoring and strategic direction to navigate challenges and maximize growth potentials; Equiplos with essential tools, funds, technology and infrastructure necessary for operational efficiency and sustainability.
“Grow Nigerian is Smedan's strategic plan that describes plans to accelerate economic growth by providing vital resources to micro, small and medium enterprises (MSME) in key sectors of the Nigerian economy.
“It proposes our theory of change that argues that by providing guide, resources, opportunities and adequate job support (Grow), SMEs can overcome common obstacles and experience growth.”
Odii also said that the agency has achieved both in the repositioning of the MSMEs sector, and added that within the first three months of this year, more than 90,000 jobs have been created through the implementation of various initiatives.
The DG said that in the future, Smedan, through the Nigerian strategy of Grow, would focus on eight critical sectors of the Nigerian economy.
He wrote eight critical growth areas to include the agricultural value chain, the fashion industry and textiles, tourism and hospitality, manufacturing and production, education, Nigerian digital economy, innovation and new technological adoption.
Odii expressed his optimism that through some of the programs implemented by Smedan, the agency could address some of the identified challenges faced by the MSME companies in Nigeria.
The DG also listed some of the challenges that hinder the MSME to include difficulties to access capital and financing for commercial companies, high operating costs, regulatory charges that include problems such as multiple taxes, high registration costs and bureaucratic bottlenecks and lack of qualified job opportunities and training.
Others, he said, are an inadequate physical and technological infrastructure, especially in rural areas, access to the poor market, limited access to technology and innovation, as well as insufficient access to avant -garde technology and innovative resources.
“If Smedan, in collaboration with key partners and interested parties, empowers entrepreneurs with the correct combination of what they need to grow: knowledge, capital, equipment support, market access, network and ecosystem support will accelerate and build sustainable businesses that create jobs, improve our quality of life and generate value for all,” Odii concluded.
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