Get Guardian on GoogleThe SME Mall has urged small and medium-sized enterprises (SMEs) in Nigeria to strengthen their business structures, improve financial management and embrace digital transformation to take advantage of emerging opportunities amid economic and regulatory reforms.
The organisation said the Federal Government’s ₦200 billion intervention fund for micro, small and medium-sized enterprises (MSMEs), ongoing banking sector reforms and the growing push for digital transformation could create opportunities for small businesses to access financing, improve productivity and expand their operations.
However, it stressed that business owners must improve their preparedness to benefit from the developments, noting that access to funding alone would not guarantee sustainable growth.
The Managing Director of The SME Mall, Muyiwa Femi-PEARSE, said the future of small businesses would depend largely on their ability to adapt to changing business conditions and establish structures that support long-term growth.
He said entrepreneurs must move beyond daily sales and immediate survival by understanding their finances, maintaining proper records, complying with relevant regulations and developing clear business strategies.
“Access to funding is important, but funding alone does not build a sustainable business. Entrepreneurs must understand their numbers, maintain proper financial records, comply with relevant regulations and have clear business strategies.
“These are the things that make a business attractive to investors, financial institutions and potential partners,” he said.
Femi-PEARSE explained that banking sector reforms and changes in financial regulations had made it increasingly important for SMEs to understand the financial system.
He noted that businesses that maintain proper documentation, separate personal and business finances and demonstrate financial discipline would be better positioned to explore available financing opportunities.
On digital transformation, he said technology should no longer be regarded as an option reserved for large companies, adding that small businesses could deploy digital tools to improve customer engagement, manage transactions, monitor inventory, promote products and reach customers beyond their immediate locations.
“Digital transformation is not just about having a social media page or accepting transfers. It is about using technology to make business operations more efficient, understand customers better and make informed decisions.
“A business that does not embrace these changes risks being left behind in an increasingly competitive market,” he added.
The organisation also urged entrepreneurs to pay closer attention to business registration, taxation, financial documentation and other relevant compliance obligations as regulatory requirements continue to evolve.
It observed that many Nigerian SMEs had promising products and services but struggled to expand because of gaps in financial management, marketing, business planning, technology adoption and operational structures.
According to The SME Mall, addressing these challenges is essential for businesses seeking to move beyond survival towards sustainable growth.
The organisation said it remained committed to supporting SMEs through practical business education, capacity development and access to resources that would help entrepreneurs identify challenges and develop workable solutions.
It also called on financial institutions, development organisations and relevant government agencies to ensure that intervention programmes were accessible, transparent and responsive to the actual needs of small business owners.
Femi-PEARSE urged entrepreneurs to take responsibility for their business growth by investing in knowledge, strengthening internal structures and remaining open to innovation.
“Every business owner must ask an important question: if an opportunity for funding, expansion or partnership comes today, is my business ready?
“We cannot continue to expect businesses to grow when the necessary structures are not in place. At The SME Mall, we believe that empowering entrepreneurs goes beyond giving them information; it means helping them understand their challenges and equipping them with the right tools to address them,” he said.
He added that SMEs had important roles to play in job creation, economic development and wealth generation, but unlocking their potential would require deliberate efforts from business owners and stakeholders across the economy.
The SME Mall maintained that the next phase of SME development in Nigeria should focus not only on financial support but also on building stronger, more organised and competitive businesses capable of taking advantage of emerging opportunities.
By Silver John
