Group advocates SMEs funding to tackle unemployment

The need for stakeholders to push for the adequate funding of Small Scale Enterprises (SMEs) by various financial institutions in the country as a veritable way of creating massive employment has been stressed.

Rising from a three-day seminar entitled, ‘The wealth creation platform’ organised by the Kingsway International Christian Centre (KICC), the participants were of the opinion that tackling unemployment challenge through robust funding of SMEs would speed up the process of creating jobs that require little or no experience for starters.

They noted that already the SMEs sector, which contributes specifically 50 per cent of the nation’s Gross Domestic Product (GDP), is capable of catalysing more activities in the economy.

Speaking at the programme, Minister of Finance, Mrs. Kemi Adeosun, said the Federal Government is committed to creating more jobs and improve productivity of the economy.

Adeosun said: “SMEs are 50 per cent of our GDP; it is obvious that if you invest in the SMEs that is where the growth in the economy can occur. Investing in the sector will unlock the potential in the economy.

“We believe, if we invest in the right things, we would be able to unlock the growth in the economy and get out of our current situation. We are putting money into the Development Bank of Nigeria; that is a specialist bank that is focused on channeling low cost funds to SMEs.”

She applauded the leadership of KICC for organising such event, saying, “talking about wealth at a difficult time shows that there are people who have faith and vision of what Nigeria can be. If we stick to what we are doing; we can make it.

“Besides, the platform brought together great minds to share interpretation of economic climes, and stimulate thought process of participants to proactively navigate the rapids of uncertainty to emerge with good success.”

In her intervention, business mogul, Mrs. Folorunsho Alakija, urged the prospective start-ups to work hard, prioritise, manage their expectations and plan adequately for their businesses in order to succeed.

The Founder and President of KICC Global, Pastor Matthew Ashimolowo, said the vision for organising the programme was to equip participants with principles and practical steps that will help them to meander through the company of unfriendly terminology, austerity and sustainability efforts in recession.