Experts chart path to emergence of prosperous MSMEs

Notwithstanding the unfriendly business environment in the country, the need for operators in the Micro, Small and Medium Enterprises (MSMEs) to explore other avenues to build a more profitable business has been emphasised.

This is just as experts in the financial sector have proffered solutions to some of the challenges operators in the MSMEs face in carrying out their business transactions.

More importantly is the macroeconomic outlook for the Year 2020, with major highlights on devaluation, increase in value-added tax, border closure, fuel subsidy, and customs and excise duties among others.

Therefore, MSMEs operators have been urged to brace up to meet the pressing demands and not run out of business.

Speaking on the topic, “Building a profitable business,” Lead, MSMEs, Addosser Microfinance Bank, Agbetoba Lukman, urged participants at a capacity building workshop for MSMEs to avoid huge debt burden, and avoid too much exposure to loans, and maintain a good credit history.

With the way the economy is going, Lukman advised small scale entrepreneurs to separate business funds from personal spending, do a proper cost analysis to ascertain their capacity before placing orders.

He also advised them to understand some of the government’s policies that surround their business environment to avoid losing their goods and running into losses.

Similarly, the bank’s Group Managing Director, Ayodeji Sobulo, who took the participants through the macroeconomic outlook for the Year 2020, urged them to prepare ahead of some socio-economic challenges that may occur during the period to avoid falling prey.

Earlier, the Managing Director of Addosser Microfinance Bank, Adebayo Fabiyi, said the programme was designed to take businesses to the next level.

“It is designed to improve the way we do things, which is along the lines on our services to our clients. We plan our businesses ultimately to improve profitability.

“What we do today is to provide solutions to some of those challenges that we face in our businesses, by providing solutions to our experiences in dealing with our customers, and advancing credit to them,” Fabiyi said.