Varsity Don Tasks CBN on SME Support Fund

Funmi Ogundare

A Professor of Business Administration, Babcock University, Ilishan-Remo, Ogun State, Prof. Oluseyi Oduyoye has called on the Central Bank of Nigeria (CBN) to assist small businesses from the much publicised N50billion support fund set aside for distribution to businesses in need of lifeline for sustainability and growth.

He also stressed the need for deposit banks and insurance companies to strengthen the Small and Medium Enterprises (SMEs) through renegotiation of contract terms and affordable minimal premiums following the losses and economic setbacks occasioned by the Covid-19 pandemic.

Professor Oduyoye who made this call, recently at Babcock University 33rd inaugural lecture, titled, ‘From the Small Business to Big Business: A Future with Little Hope’,

held in Ogun State,noted that small businesses could become big companies if they were fortified with values of integrity, customer focus, openness and the fear of God.

According to him, “starting small, but having the eyes on the big picture should always be the focus of the typical small business owner.”

The don stressed the need for the federal government to support small businesses devastated by the Covid-19 pandemic, noting that many small businesses were unlikely to recover from losses incurred during the lockdown if government did not come to their aid.

Oduyoye attributed the collapse of many businesses to the lack of integrity and the absence of the fear of God, saying that anything done without integrity cannot stand. He described the lack of integrity and the love for quick money and shady deals as the bane of long-term growth of these small businesses, adding that they should network with more experienced individuals in the industry to gain the needed leverage for growth.

He expressed concern that internet fraud popularly known as yahoo-yahoo has taken over while integrity has been relegated to the background.

Professor Oduyoye however thanked the leadership of the Seventh-day Adventist Church, his family and the Ilishan Development Association for making him what he had become.

Vice President of the Federal Republic of Nigeria, Professor Yemi Osinbajo called on the state government to support the Federal Government’s development efforts for the survival of SMEs in Nigeria.
While sharing the Federal Government’s efforts to boost economic growth through providing SMEs with seed investments, grants and incentives for expanding clusters of trade in Benue and Anambra States, he said state support would ensure these efforts go a long way.

Osinbajo who was a special guest at the occasion and former classmate of Oduyoye, revealed that the Africa Development Bank (AfDB ), has offered to support the Federal Government’s SME growth with the sum of $500 million dollars to complement its current effort.

“The economic future of our country is dependent on small businesses. SMEs employ the largest population of the workforce and the State government support is very critical. Those businesses bring hope, jobs and support for many families.”

He commended the Seventh-day Adventist Church and Babcock University for supporting the drive for quality education in Nigeria.