In Nigeria, SMEs account for over fifty percent to employment on average and also fifty percent of its industrial output. Nigeria recently became a certified member of the International Small Business Congress (ISBC) African region, and it’s expected that a lot of benefits will accrue from this.
Nigeria SMEs would have access to address and seek solutions to the regular problems being faced by them such as;
- Poor managerial skills
- Inadequate access to funds
- Lack of crucial infrastructural facilities
- Poor record keeping and information management
- Inability to distinguish between capital from personal money, and many more.
Promoting the development of domestic industries and service networks
Such networks would be able to link effectively with international networks, by promoting entrepreneurship and enhancing competitiveness at firm level through technology and business linkages.
When commitment is encouraged within an organization, the organization works together with other organization to implement a supply chain partnership; in other words, commitment of ISBC would be helpful in the integration of SMEs growth and development business process, thus improving the SMEs performances in Nigeria.
The importance of small businesses in offering employment to the pool of unemployed youth and adults in Nigeria cannot be overemphasized
There are no doubts to say that unemployment has escalated when the ingredients and mechanism for building and sustaining SMEs have been dismantled.
Indeed, I believe strong co-operation with the ISBC would pave the way for a brighter economy.