Gift Barry-ObaAn entrepreneur in Ogun state, Oyeyemi Olasunkanmi has said the Federal government must recognize and support Small and Medium Enterprises (SMEs) to help revive the country’s economy.
According to the National Bureau of Statistics (NBS), SMEs contribute 48% of Nigeria’s GDP and employ over 84% of the workforce.
Oyeyemi who detailed the current challenges facing SMEs noted that there was a need for president Bola Tinubu to inject funds and provide needed lifeline for struggling businesses.
He stressed that due to the poor economic conditions, infrastructure decay, unstable power supply and rise in inflation among others many small business owners have closed down their businesses.
“It is a very rough experience in the business community because business owners are being faced with quite a number of challenges and as a result, a number of businesses are closing down.
“Some contributing factors include infrastructure decay, unstable power supply and rise in inflation among others. Hikes in fuel price has also been a contributing factor.
He stated that these small enterprises provide employment opportunities, drive growth and open new markets in the country .
Oyeyemi, the CEO of Orisun Ewa maintained that the government must recognise the importance of SMEs in economic development and implement policies to help them strive.
“Tinubu must recognise the importance of SMEs in economic development and he should implement policies to support their growth and development, with this, the Nigerian economy will prosper.”
