Encourage SMEs to thrive, South Africa-based economist urges FG

A lecturer at the University of Kwazulu Natal, South Africa, Mr Christopher Ifeacho, on Sunday urged the Federal Government to support Small and Medium Enterprises (SMEs) in order to boost the economy.

Ifeacho, an economist, told the News Agency of Nigeria (NAN) in Pretoria, South Africa, that the Nigerian economy has good potentials to make SMEs thrive.

“ SMEs in Nigeria will thrive beyond that of any other country in Africa and even rank among the best in the world because Nigerians as a people have a lot of potentials.

“ We are not afraid to take risks and this is one of the basic foundations of SMEs. Nigerians in their nature are always goal-oriented,’’ he said.

According to Ifeacho, if Nigerians are given a good platform and conducive environment, SMEs will thrive in the country and help boost the economy.

The lecturer said such a platform would help reduce unemployment while government would concentrate on other sectors of the economy.

He said though the Federal Government had assisted state governments through the Central Bank to disburse SME loans, such initiative should be sustained to achieve its objective.

Ifeacho also suggested that government could check inflation by giving the Central Bank a target to keep prices as stable as possible.

‘’ I suggest that government and Central Bank officials should sit down and work out an inflation targeting policy.

‘’ If the policy is okay, government should allow the CBN implement it to achieve set targets and keep prices as stable as possible.

‘’ One of the biggest problems we have in Nigeria is inflation and if we are able to check it, the economy will be much more robust than it is,’’ he said. (NAN)