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No indigenous SME is as old as Nigeria, says Business Quotient Magazine

By Tayo Oredola
01 October 2015   |   10:24 pm
THE publisher of the Business Quotient Magazine, Mr. Ayo Adeyemi says Lagos Small and Medium Scale Enterprises (SMEs) hold the key to successfully tackling unemployment in the country .
Photo; muscatdaily

Photo; muscatdaily

THE publisher of the Business Quotient Magazine, Mr. Ayo Adeyemi says Lagos Small and Medium Scale Enterprises (SMEs) hold the key to successfully tackling unemployment in the country .

He also noted that most Small and Medium scale Enterprises (SME) do not survive long in Nigeria due to lack of right information a fact that manifests in not many of such enterprises being as old as Nigeria as she marks her 55th Independence anniversary.

Speaking with The Guardian, Adeyemi who doubles as the Editor in Chief of the magazine explained that “ many great economies of the world are powered by SMEs”, and this contribute greatly to their Gross Domestic Product (GDP).

He said SMEs are working efficiently in advanced countries, and can work well in Nigeria , as they will “help reduce unemployment and insecurity because people will be occupied and the teeming population of job-seekers in the labor market will reduce.”

Against the backdrop of the high rate of unemployment in the country, Adeyemi said, that is why the establishment of the magazine is important and timely as it will avail information to people on how to start and maintain small businesses with what ever they have.
“ If these small businesses begin to engage five to 20 people, you will find out that, there will be no reason for unemployment”, he said.

The monthly magazine, that has its target on all aspects of the economy, seeks to provide relevant information that will help indigenous small striving business, as well as empower them with the accurate information, he added.

The author of the book; 10 Ms of Business Success cited lack of records and cooperation as the major challenge in developing SMEs in the country.
“We do not have and keep records in the country . So many people hoard the information available for selfish reasons, and that is why many indigenous small businesses are dying in Nigeria”.

As a results of these challenges “We do not have too many businesses that are as old as Nigeria,.
Nigeria is 55 years and no indigenous business, if they are may be one or two, are 55 years old”.
He also noted the need for more research to be done in this regard, as it will create more ideas as well serve as an eye opener to many.

Acknowledging the backing of the Lagos State Chamber of Commerce in support of the essence of such magazine, Adeyemi said:
“Our focus is on Africa at large, and that is why we have our promotional line to be promoting SMEs and entrepreneurship in Africa.
The inspiration for setting up this magazine is basically because of my experience as a SME consultant.
That is why the magazine is overlooking all challenges to give out information that others want to hoard.

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