Expert: Small Business, Critical for Economic Growth

Amidst the insufficient revenue from crude oil – Nigeria’s main revenue earner, the fluctuating naira, high government spending and rising debt, a serial entrepreneur and philanthropist, Hon. Adewole Olanrewaju, has urged the Federal Government of Nigeria to look no further than MSMEs as veritable tool for economic growth.

The international business consultant, who described the Micro, Small and Medium Enterprises as primary platform for wealth creation and employment, noted the need for government to prioritise support for SMEs, adding it should be part of the agenda of the incoming government for sustainability.

Small businesses cater for a large percentage of the workforce and remain a major driver of economic growth in many exposed climes, he explained.

Last year, a United Nation’s estimate indicated that small businesses in Nigeria contribute 48 per cent of national GDP, account for 84 per cent of employment and 96 per cent of businesses.

In an exclusive interview with press men, the U.S.-based Olanrewaju who is presently consulting for business in Nigeria, noted the need for government to foster start-ups with good policies.

According to him, “Small businesses are huge drivers of economic growth and represent a significant portion of job creation in the country.

“A major attraction for me is that they contribute to the diversification of the economy, and reduce reliance on a few large corporations.

“Hence, we need good government policies to make business startups grow in Nigeria.”

Olarenwaju said that not only do SMEs stimulate investment and act as a catalyst for the development of new industries, but also “they are essential for the growth, strength and sustainability of local communities.”

“They bring new and innovative ideas to the market, leading to economic growth and competitiveness.

“In my various capacities, I have helped a lot of businesses in America, especially startups to grow, and also consulted for top corporations and entrepreneurs. So I know what I am talking about,” he stated.

Olanrewaju is the CEO of Winners Circle and Lead Consultant at Point of View Consulting, a top-tier consultancy firm in USA.