In an effort to increase productivity in solving problems in the Small and Medium Enterprise sector, SMEs, Olawale Anifowose, General Manager at Enterprise Development Centre of Pan Atlantic University has called on the government to focus on capacity for SMEs to enable them understand the dynamics of entrepreneurship as this would be a huge boost in the sector.
This call was made while speaking on “Tackling SME Challenges” at an event held at Co-creation Hub, Yaba. The event themed: “SME Empowerment Innovation Challenge East and West Africa” which was organised by Hill Innovating Justice was meant to address the challenges that confront entrepreneurs in navigating through legal issues that could inhibit their success in business and as well empower the entrepreneurship organisations present with a cash price.
Also at the event, more than five representatives from various entrepreneurship organisations were present and contested for a cash price of more than $60,000 by presenting their services and how they hope to assist young entrepreneurs succeed.
Olawale, who spoke during a discussion said: “Looking at the SME sector and some of the Challenges which impede the growth for this sectors which include; creating an enabling environment, the government policies which we have, inconsistency in the government policies and also lack or access to finance and insufficient working capital, and the three challenges that the mSMEs themselves highlighted in a survey carried out some time ago, it then becomes important for us to look at these areas and see what we can do to create an enabling environment.”
“If you look at the tax issues, a lot of them complain that multiple taxes are a problem and I think the core of this is to see how we can help SMEs to simplify the tax and how the government can introduce some sort of system that makes it easy for these SMEs to access funding. The government can look at setting up some sort of special fund that gives SMEs a very soft interest rate so that those that are already in business and want to expand can do this easily,” he said.
For him, capacity building is the most significant issue that confronts SMEs. “In the case whereby you look at building a capacity of SMEs by helping them understand finance, their market and how to write a business plan, then it becomes easier for them to navigate their way in building their business, in building sustainable businesses. After you have done that, you can now give them access to money. It is important for us to look at a way to nationally create capacity for SMEs in Nigeria.
Explaining to journalists what Hill Innovating Justice represents, Sam Muller, CEO, Hill Innovating Justice said that the organisation is about changing legal systems and justice systems so that they really work for citizens and their organisations. “It is about opening space for innovation for the justice sector in most countries where justice is not exactly known for those innovations. We feel very strongly that citizens and organisations are entitled to justice systems that really solve their problems and the government generally really want that but don’t know how to do that. So by working together in these kinds of challenges with local innovators, we hope to achieve really good solutions to problems that people have. Today we are working on problems entrepreneurs have in dealing with regulatory environments and getting justice issues resolved and the seven entrepreneurs we have today have really shown that there are things that can be done to make it easier for entrepreneurship.”
Desmond Okon
