FirstBank in a meeting encouraged Small and Medium Enterprises (SMEs) to build in different areas of the economy to manage external shocks that may damage supply chain networks, corporate inventories, and financing models, affecting SMEs in terms of growth.
Speaking at a webinar session titled 'The Power of Resilience: Building a Strong Business in Times of Uncertainty,' stakeholders stated that SMEs are the foundation of the nation's economy, thereby contributing 50% of the nation's GDP through the creation of employment among indigenous entrepreneurs and affecting 73% of industrial jobs.
Mrs. Dolapo Adigun, Group Head of Retail Banking, South Africa, First Bank, explained at the SME Connect Webinar session that businesses must improve their resilience in times of crisis to build sustainable development in infrastructure delivery for SMEs, entrepreneurs, and micromanagers.
Adigun encouraged Small and Medium-sized Enterprises (SMEs) to identify opportunities in misfortune and capitalize on them to remain competitive.
Adigun emphasized the importance of SMEs delivering the capacity-building pillar of its value propositions, noting that the program focuses on SMEs in areas that influence their company growth and development.
“Nigeria is a blessed land. We have the potential, we have over 200 million people, we are said to be the most populous and in population, we have the market and it’s a growing large consumer base.
“So, there is immense opportunity for SMEs; and with the growing middle class and increasing opportunity, we need to tap into it as an SME,’’ She Stated.
Adigun cited infrastructure, regulatory environment, increasing inflation, withdrawal of fuel subsidies, currency depreciation, and foreign exchange rates as some of the issues encountered by SMEs.
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