by Sodiq Oyeleke
The Enterprise Development Centre of the Pan African University, the erstwhile Lagos Business School, has expressed a strong backing for the Federal Government’s current drive towards making Nigerian youths embrace self-employment by supporting innovative business ideas.
Speaking at the group’s recent 2011 Alumni Conference o in Lagos, Mr. Ernest Ndukwe, said with the current level of unemployment, self-employment was the only source of income for many, including the poor people through the development of Small and Medium-scale Enterprises.
He said, “SMEs help the economy by creating competition in the market place leading to multiplicity of choice and better pricing for goods and services. Its’ success affects the well-being of the economy and society as engines of job creation, economic growth and innovation.”
According to Ndukwe, the most important role of SMEs in the economy of a nation is the reduction in dependency, which results in increase in per capita income and technological development.
“SMEs represent over 99 per cent of the private sector companies in most countries, where it employs over 50 per cent of all private sector workers. It represents a potent tool for reduction of import dependence. SMEs can boost export earnings; they are essential for poverty reduction, especially in developing countries and they constitute an importance source for technological innovation,” he said.
He stressed that the Federal Government’s central role of stimulating growth of SMEs in the country was a good drive that would address some factors limiting them from easy access to funds.
Dec 30, 2011
Written by NEWSTRAWL ONLINE UPDATE
Sodiq Oyeleke is a Media, Human Resources, Project Management and Public Relations Practitioner
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