Business
NASMEs Laud Tinubu’s Move To Address Nation’s Economic Challenges
Chairman, Nigerian Association of Small and Medium Enterprises (NASMEs), Oyo State chapter, Prince John Karunwi, has lauded President Bola Tinubu’s swift move to address challenges in Nigeria economy.
Recalled that Tinubu, had in his inauguration speech on Monday said he would review the Naira Redesign Policy, Monetary Policy and ensure a unified exchange rate.
Karunwi said, if the president could address the issues mentioned in his address and reduce the cost of production and raw materials, the nation’s economy would thrive again.
He said that the production sector had yet to recover from the effects of COVID-19, the Russian War on Ukraine, coupled with the local factors inhibiting production.
Karunwi said that a large number of MSMEs were dying daily compounded by other factors like poor electricity supply, multiple taxation and interest rate.
“We are just trying to survive as the cost of production is very high, the overhead cost is overwhelming and it has a lot of effects on us.
“When the last administration talked about the ease of doing business, we were excited, thinking things would be relieved that MSMEs would now thrive.
“But, from the various government’s policies, it had been so hard for the MSMEs. It has been a very hard time for us.
“We believe that the new government would be MSMEs friendly and look at the actual ease of doing business, by looking at the logistics and cost of doing business in Nigeria, as it is killing the MSMEs,” the chairman said.
He said that many MSMEs operators were in debts when the naira redesign policy was implemented.
According to him, they were just selling their goods and using them to feed, not being able to buy back their goods, as it was a total loss.
Karunwi urged the president to look into the cost of registering business with the Corporate Affairs Commission and NAFDAC, which he said had been at a cut-throat price.
“For some of us in production, someone that just got a loan of N50,000 to start a disinfectant business, where will the person get the high cost of money that NAFDAC is asking?
“How will he scale up, because such goods can not be showcased anywhere without NAFDAC approval.
“All these regulatory operators are giving us a lot of trouble.
“For CAC, you will need about N200,000 to register your business and every year you are to pay annual returns; before, it was N1000, but now it has been increased.
“The new government should help us look at this and the interest rate on loans and make loan facilities available for the production sector, not one that they would promise to give a certain amount and then reduce it,” he said.
Also, a financial expert, Mr Tunji Adepeju, commended the new president for his move on naira notes.
Adepeju said that the new notes were hard to come by which made having the two currencies run at legal tender helpful to the nation’s economy until the new notes would be in abundance in circulation.
He said that continuous increase in interest rates were in line with the policies of other developed countries battling inflation.
On the exchange rate, he said, “We need to really harmonise and bring together stakeholders, chambers of commerce, industry and others to work things out without Nigerians sabotaging the policies of the government, especially the exchange rate as lots of people kept making huge money from it.”
Kolomoni Microfinance Bank has awarded grants to five female entrepreneurs to boost their businesses as part of its commitment to promoting women in business.
The initiative, organized to mark International Women’s Day, was themed “Accelerate Her Growth.”
According to the bank, the decision to support women was inspired by World Bank data, which shows that 41 percent of Nigeria’s micro-businesses are owned by women.
Delivering the keynote address, business strategist, Ebun Akinwale, emphasized that entrepreneurship requires resilience, creativity, and passion.
She illustrated this by recounting her own business challenges and highlighting the critical role passion plays in overcoming obstacles.
The event underscored Kolomoni’s mission to empower women and support small businesses in Nigeria.
Other speakers at the occasion were Odunayo Oyebolu, a seasoned entrepreneur; Victori Ajiboye, a marketing strategist with global experience; and Simi Ojumu, a finance expert.
The beneficiaries said the financial support was a validation of their hard work and a boost of confidence towards scaling through in their businesses.
The winners were selected after sharing their entrepreneurial journeys and presenting business proposals for financial assistance from the bank.
The 8th edition of the Nigeria Small and Medium Enterprises (SMEs) Summit and Awards (Nigeria SMEAwards) is set to take place in Lagos for the first time in its history, marking a significant milestone for this prestigious event.
Endorsed by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), the annual awards celebrate the entrepreneurial spirit driving Nigeria’s economy.
The visionary convener of NigeriaSMEAwards 2025, Adedayo Olalekan, said, “Governors from Zamfara, Sokoto, Ebonyi, Borno, Enugu, Ekiti, Benue, and Kaduna States have all implemented transformative initiatives that have greatly benefitted local enterprises.
“Their contributions will serve as a beacon of inspiration for the nation.”
Speaking at a recent press conference in Lagos, Olalekan emphasised that the event would introduce a fresh and unique approach, moving away from tradition.
“Despite economic challenges, Nigerians continue to show an unwavering commitment to progress”, he said.
He noted that the awards will not only honor outstanding individuals, but also recognise the critical role state governments play in nurturing vibrant SMEs.
“State governments have been instrumental in fostering a supportive environment for SMEs, which in turn benefits both the awardees and the larger economy.
“With major banks like Providus, Access, and First Banks competing for top honors, the 8th NigeriaSMEAwards promises to be a night of celebration, recognising exceptional contributions to Nigeria’s SME landscape”, Olalekan added.
Amid global challenges such as inflation, geopolitical instability, and the ongoing conflict in Ukraine, Nigerians continue to show remarkable resilience.
Their efforts, according to reports, have contributed to job creation, economic growth, and overall prosperity, with SMEs at the forefront of this success.
This year’s awards will recognise governors who have made significant strides in advancing the SME sector within their states.
Small and Medium Enterprises (SMEs) consultants in Rivers State have called on entrepreneurs to be focused and avoid distractions.
The experts, who were speaking on the recent developments about the change of leadership in the state, said entrepreneurs need to put more efforts in their businesses in order to break even in the present situation in Rivers State.
Speaking in a chat with The Tide, an international SMEs consultant, Amb. Larry Goodwill Ajiola, said the political moves is capable of distracting SMEs who are not grounded in their businesses, adding that “the serious minded business men and women would utilise the opportunity to increase their revenues”.
Amb Ajiola, who is the President and Chief Executive Officer (CEO) of Rumuomasi Co-operative and Credit Society Limited, Port Harcourt, said, “Rugged entrepreneurs look out for business opportunities in situations around them, whether good or bad”.
He reiterated that the loan facility given to 3,000 SMEs in the state revived and expanded businesses, adding that the empowered businesses should continue to push, no matter the situation.
“credit is a powerful tool for achieving financial security.
“We can only keep imagin the economic value that the over 3,000 MSMEs would add to the positive economic dynamics of Rivers State and the Local Government Areas in terms of Gross Domestic Prooduct (GDP), increased tax returns, employment creation, income distribution, and production of goods and services”, he said.
Another SMEs Expert, a business consultant and SMEs trainer, Mr. Chisom Sam-Orji, in his advice, noted that every SME in the state should realize that change is the only constant thing.
He said SMEs should also know that “tough times never last, but tough people do”, adding the need for every entrepreneur to stay focused on creating value and remain resilient.
“This is not the time to be distracted by every noise around your space, but to maximize every time you have to focus on the essentials and keep creating value.
“For some people, it may just be the time to diversify, create new products and services to serve a new or existing market. But this must be based on the facts available to you via research and market surveys”, he said.
The SMEs expert also said the present time in the life of an entrepreneur is a time to cut off unnecessary excesses that surround one’s business.
“Those extra costs that may hamper your growth in this season and beyond, and focus on just essentials.
“SMEs should find certain leverages that are available to aid their business growth. This could be in form of grants, knowledge, and other leverage tools.
“Collaboration is one big way to grow in this season. Finding ways to collaborate with like minds instead of competing could enable a product or service gain advantage in the market and beyond.
“They should also find ways to sustain and grow their customer relationship as this is key to sustaining business flow. They must seek new and efficient ways to serve their customers and gain their loyalty”, he stated.
He further called on every entrepreneur to keep building capacity and never take their eyes off their visions, adding the need to muster every courage it takes to keep building and moving forward.
Lilian Peters