Expert Urges Support for SMEs Survival

An expert, Mr. Okoh Michael has sought more support for small and medium-scale entrepreneurs, SMEs, to sustain the economy. 

Micheal emphasised this while addressing the press recently, stating that challenges were stifling growth of players and the sector at large.

Quoting statistics, he said that SMEs account for 48% of national Gross Domestic Product, GDP and 96% of employment figure. 

He maintained that the sector remained indispensable to economic stability, being a source of entrepreneurship abilities, innovation and jobs.

Michael lamented that perennial threats in the sector was weakening and rubbing off negatively on activities. 

He listed some of the persisting challenges as multiple taxation, lack of basic amenities to aid starters, absence of tax holidays for incomers as well as lack of trainings and credit support.

In boosting sector operations, Michael said his organisation had been consistent in providing players with advisory service, developing business plans, creating of working structure and strategy direction.

He urged government to complement private efforts with steps such as offering tax breaks, infrastructures and trainings, for a more robust sector.

He also tasked SMEs players on patience and resilience, instead of giving up easily to challenges.