A fashion entrepreneur, Oluwatomisin Owoade, has emphasised the need for government at all levels to implement far-reaching policy changes aimed at unlocking the full economic potential of small and medium-sized enterprises (SMEs) in the country.
   
She argued that the SMEs remain the backbone of the nation’s economy, contributing more than 50 per cent to Nigeria’s Gross Domestic Product (GDP). According to her, with the right support and strategic investment, the sector has the potential to position Nigeria as a formidable player in the global marketplace.
   
In a statement issued yesterday, Owoade, a young Computer Science graduate turned textile innovator, identified key constraints hindering SME growth. She noted that limited access to affordable financing, inadequate practical vocational training, unstable electricity supply, and poor infrastructure continue to stifle the sector’s full potential.
   
She noted that the government’s approach to resolving these challenges must be intentional and evolving, warning that failure to address these demands risks creating a non-vibrant entrepreneurial ecosystem that could further worsen the economic situation in the country.
    
She said: “Nigeria’s greatest asset is her young people. To unlock our full potential, government support should go beyond grants and focus on creating an environment where young entrepreneurs can start, grow, and sustain successful businesses.”
  
Owoade, who is currently studying International Business by Research at the University of Gloucestershire, expressed optimism that when the government prioritises and backs the young creators with sustainable policies, Nigeria can transform her youthful resilience into an economic powerhouse.