‘SME sector vital for economic growth’
Stakeholders have reiterated the importance of Small and Medium Enterprise (SME) sector as catalyst for the growth of economy, describing the operators as machines that drive any viable activity.
Through the support of SMEs and the private sector in general, jobs have been created through expansion of businesses.
The Deputy Governor of Lagos State, Dr. Obafemi Hamzat, who said this at the FATE Foundation’s fourth Alumni Conference in Lagos, disclosed that Lagos is already housing about 2.3 million SMEs.
He encouraged young entrepreneurs to always pursue integrity and honour, hard work in innovating and providing unique experiences for customers, which he said, is key for business growth.
The Chief Executive Officer, Slot Systems Limited, Nnamdi Ezeigbo, posited that unique branding and business integrity remain the foundation upon which SMEs can soar.
Ezeigbo, who spoke on ‘Innovation for scale’, urged budding entrepreneurs to focus on building a strong brand which will give them an edge in attracting investment opportunities and support from stakeholders especially in Nigeria due the competitive landscape and lack of trust faced by SMEs.
He said: “An entrepreneur must possess the requisite knowledge-how to run his business, if not he should hire best hands, focus on customers and protect his corporate strategies without sentiments.”
The Executive director, FATE Foundation, Adenike Adeyemi, said the theme of the conference was apt, aimed at empowering its Alumni with the right tools to develop practical strategies and innovative approach in building their business, product, service for their customers and target markets.
She added that the foundation, which was founded by Fola Adeola alongside some private sector individuals, has over 19 years of operations has trained over 5,000 persons across 20 states in Nigeria.
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