Some experts have advised the Federal Government to urgently introduce viable policies to propel the growth of Small and Medium Enterprises (SMEs).
The experts, who spoke at the 24th Annual Seminar of Lift Above Poverty Organisation (LAPO) in Lagos on Wednesday, included Prof. Pat Utomi and Mr. Tony Elumelu.
The communiqué issued at the end of the meeting was signed by its spokesman, Mr Jame-Wisdom Abhulimen.
Elumelu, Chairman of the UBA Group and Heirs Holdings, was quoted as saying: “Small and Medium Enterprises (SMEs) possess great potentials and capacity to stimulate the desired growth and development of the economy if properly harnessed.
“Poor management, inadequate funding, policy inconsistencies, among others, account for the under-performance of the SME sector.
“Concerted efforts of all stakeholders, especially government and financial institutions, are needed to spur the sector.”
Elumelu called for the adoption of principles of entrepreneurship and enjoined Nigerians to develop and domesticate entrepreneurship culture.
He urged government at all levels to create and sustain enabling environment for Nigerian youths to be engaged in SMEs.
The Communiqué also quoted Utomi as blaming unfriendly business environment, over dependence on oil, poor funding and inconsistent government policies for SMEs poor performance.
“There is need for more coordinated efforts by stakeholders to galvanise SMEs for inclusive development in the country.
“Transparency and accountability at all levels of government to enable SMEs to thrive were also needed,” Utomi, a professor of Political Economy and Management, said.
He commended LAPO for supporting SMEs through the provision of N96.1 billion in loans to more three million micro entrepreneurs as well as providing employment opportunities for 700 Nigerians. (NAN)