The Managing Director, Wennovation Hub, Mr. Wole Odetayo has said because small businesses are critical to the development of any economy, the federal and state governments would be doing a lot of good to the economy if some of the criteria for participating in the procurement process are waived for small businesses.

Speaking at the opening of the new Lagos Wennovation Hub, Odetayo said: “There are a lot of policies that government have already put in place to help small businesses, which they don’t even know existed. But one thing government can do better in terms of policy is around procurement.

“Today, for a company to work for either the federal or state government, audited statement of three years is required, and a lot of small businesses are almost informal. The formal ones do not have the structures government requires.

“So, there must be some policies allowing procurement for small businesses to participate and bid for small jobs”.

One small contract from government can lead to six months salaries for staff of a small business. So, opening the procurement process to be more friendly to small business is one way to encourage them.”

Odetayo said this is important because in any matured economy, the small businesses are the ones that create the most jobs, because these cottage businesses and family businesses are providing essential services for their small communities.

He said this is why the job of Wennovation Hub is very critical because it helps small businesses create value that will help these businesses developed including the skills required to build businesses sustainably.
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