By Chinyere Joel-Nwokoema
Lagos – Mr Tokunbo Abiru, the Group Managing Director, Skye Bank, says capacity building is paramount to entrepreneurial development.
Abiru charged entrepreneurs on the importance of capacity building to the success of their businesses.
A statement from the bank in Lagos said that Abiru gave the advice at the just concluded Nigerian Economic Summit (NES) in Abuja with theme: “Driving SMEs Growth for MADE IN NIGERIA Products & Services”.
He said that business owners should seek to have contextual understanding of their business ideas by engaging in extensive research. building managerial skills and capacity before approaching financial institutions for the required funding.
Abiru also advised that government must play frontal role in the provision of massive infrastructure such as power and roads to enhance for business to thrive.
“In order to ensure the accelerated growth of SMEs in Nigeria, government must play a frontal role in the provision of massive infrastructures like power, roads to enhance movement of goods and services across the country,” he said.
Abiru said that the environment should be conducive for businesses to thrive to optimise national productivity.
“When we patronise locally made goods, we are invariably contributing to enhanced operations of local manufacturers and entrepreneurs,” he said.
Abiru said that patronage of locally made goods would aid more jobs creation, improve quality of products and ultimately stimulate local consumption that would impact positively on the local economy.
He said that there were currently over 17 million SMEs across all sectors of the Nigerian economy, contributing up to 60 million jobs and 48 per cent of the nation’s Gross Domestic Products (GDP).
Abiru said that these enterprises served as the vehicle for poverty alleviation through employment generation and improved living standards, bringing about substantial local capital formation, enhanced level of productivity and capability in the country.