The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has urged operators of existing SMEs to remain resilient despite the current economic hardship in the country, assuring them that they will overcome the situation.
The agency also advised those planning to establish small and medium-scale enterprises (SMEs) to ensure proper business planning for long-term success.
Speaking at a seminar organized by the Correspondents’ Chapel of the Nigeria Union of Journalists (NUJ), Kwara State Council, as part of the 2024 annual Press Week activities at Pinnacle Resorts, Oyun LGA, the SMEDAN Administrative Officer in Kwara State, Mrs. Adava Oyiza, highlighted the significant contribution of SMEs to Nigeria’s economy. She noted that SMEs contribute 46.31% to Nigeria’s GDP and over 6% to the country’s exports, emphasizing that these figures show they are thriving despite current economic challenges.
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“SMEs in Nigeria should be resilient. They shouldn’t give up. They should not close up because of the economic hardship they are currently going through. They will overcome it,” she said.
Mrs. Oyiza also encouraged existing businesses to take advantage of various federal government interventions to grow their ventures by focusing on proper packaging and branding of their products and services.
“If you want to succeed in any business today, your business must be well planned ahead. There are businesses that existed for five years but still closed because they were not well planned,” she added.
She further advised journalists to explore opportunities within their profession to start personal businesses, urging them to strengthen their online presence.
“As journalists, one of the ways you can own your business is to make your online presence very strong. It is important to maximize online platforms. You have to be creative with what you do, to create a niche.”
She encouraged journalists to develop their personal brands, explore sponsored content, and offer paid services such as media training, writing, or social media strategy through consultations or workshops.
