Mo Thompson’s Consulting has disclosed plans to support 10,000 micro small and medium enterprises (MSMEs) operated by military and police officers’ wives across Nigeria, with essential tools and strategies to build sustainable business.
Mohammed Thompson, senior partner, Mo Thompson’s Consulting, said many businesses fail within two to three years due to a lack of proper structure and planning. He emphasized the need for structured business models to ensure long-term success despite Nigeria’s economic challenges.
“We help business owners refine their applications and business models to align with Nigeria’s economic realities. Many entrepreneurs start with money and an idea but lack the structured plan needed to sustain their ventures,” he said during the recent launch of the initiative in Lagos.
Thompson said the initiative will focus on members of the Nigerian Army Officers’ Wives Association (NAOWA), Police Officers’ Wives Association (POWA), the Defence and Police Officers’ Wives Association (DEPOWA), Customs Officers’ Wives Association (COWA), and the Naval Officers’ Wives Association (NOWA), among others.
“Most businesses that start in military barracks rarely expand beyond that environment. Our goal is to mentor and support these entrepreneurs, helping them scale their ventures beyond the barracks and into national and international markets,” he said.
Thompson said that it is important for entrepreneurs to understand industry dynamics before launching a business. “It’s one thing to have capital, but it’s another to grasp the volatility of your industry. Without proper knowledge, structure, and a well-developed business plan, businesses struggle to survive.”
He disclosed that the firm is leveraging partnerships with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), the Bank of Industry, and the ministry of Trade and Investment. According to him, the collaborations will help business owners’ access government interventions and funding opportunities.
