In light of the current economic situation in the country, business experts have emphasised the importance of capacity building for small and medium-scale enterprises (SMEs) to survive and thrive.
They highlighted that the key to survival for business owners lies in recognising the current realities of the market and aligning their operations to better serve their communities.
With a particular focus on innovation and adaptability, they urged entrepreneurs to rethink their strategic approaches, to remain relevant and competitive in the market.
This was said at the unveiling of the first cohort of the Manufacturing Business Accelerator (MBA) Business Showers, a flagship programme of the Small-Scale Enterprises Lab (SSE Lab).
The unveiling, which was held at Radisson Blu hotel in Ikeja, Lagos, was themed, From Vision to Venture: Unleashing Entrepreneurial Potential. SSE Lab founder, Desola Jimmy-Eboma, revealed that the MBA, which is a 12-week intensive programme was introduced to provide business owners with tools, resources, and mentorship to transform their product ideas into market-ready businesses.
“MBA is tailored for individuals who want to build product-based businesses but need guidance on how to do it. The program takes participants on a journey from ideation to product launch, covering everything from business planning, financial management, and product development to branding, marketing, and scaling,” she said
Jimmy-Eboma stressed that most businesses fail to meet their target audience because their product branding lacks creativity and attraction, urging entrepreneurs to improve on the packaging, as it has the power to sell a good product faster.
Jimmy-Eboma, who is also the founder of FreshOla Organics, while sharing her experience embarking on a Food and Packaging business which gave rise to the Lab, stressed that the world needs to see the capacity and capability of Nigeria’s local industries. “We have the power to transform local materials into high-quality products valued both locally and globally, and this will help reduce our dependence on imports while building a sustainable, production-based economy from scratch,” she said.
Narrating the success story of the first cohort, she charged them to always remember that hard work has the potential to redefine marketplaces and reposition Nigeria on the global stage.
Lagos State Governor, Babajide Sanwo-Olu, who was represented by the Senior Special Assistant on Commerce, Cooperatives, Trade, and Investment, Hauwa Adeeyo, noted that SSE Lab’s mission aligns with the state’s objectives to nurture a culture of entrepreneurship by providing MSMEs with the resources, mentorship, and networks needed to succeed in an increasingly competitive world.
He reaffirmed his government’s commitment to fostering a thriving business environment that promotes economic growth, job creation, and sustainable development across all sectors. He noted that through platforms like the SSE Lab, the state is constantly creating pathways for collaboration and growth, setting a foundation for sustainable ventures that will drive the economy forward.
