MSMEs critical to national, global economy — CIBN President
…As Pascal Odibo charges awardees to build business around competence
By Seun Ibiyemi
The Nigerian government and relevant stakeholders have been urged to throw their weight behind Micro, Small, and Medium Enterprises (MSMEs) as part of the efforts to boost the nation’s economy.
President and Chairman of Council, the Chartered Institute of Bankers of Nigeria (CIBN), Dr. Bayo Olugbemi, FCIB, who was represented by the 1st Vice President, Ken Opara, FCIB spoke on Thursday at the 2021 Entrepreneurship Development Programme (EDP) and Public Presentation of Practice Licence held in Lagos.
Dr. Olugbemi averred that MSMEs are the backbone of economies, saying they contribute significantly to sustainable development.
He further revealed that the development of MSMEs will address the overdependence of Nigeria’s economy on import and the challenges of foreign exchange.
He disclosed that “MSMEs are responsible for approximately 50% of Nigeria’s GDP in the last five years, over 80% of employment, and generally 95% of all businesses in the country.
“This is generally at par with GDP contributions in other countries across the globe, such as South Africa whose SMEs contribute 52% to GDP, Singaporean SMES-approximately 50%, Kenya -40%, India – approximately 40%, and China-60%,” he added.
The CIBN president noted, “On the surface, this may seem positive, however, keeping in mind Nigeria’s considerably high poverty and unemployment rates which when compared with other climes, shatters the perception of panty with foreign counterparts.
“Furthermore, upon close examination of the overall health of MSMEs in Nigeria, there seems to be a lag For example, the PWC Survey on Nigerian Businesses in 2020 reveals that out of over 1,600 businesses surveyed across the country, about 50% of the MSMEs surveyed did not record growths above 20% over the previous 3 years.
“The issues unique to the Nigerian Business climate must be frontally addressed. For example, challenges such as Multiple Taxation, infrastructural gaps and Power supply should be addressed for our country to move forward and compete effectively with our counterparts on the global stage.
“I make bold to say that one of the ways of addressing the over dependence of our economy on import is by focusing on development of MSMEs, which will in turn raise our non-oil exports, and consequently address the foreign exchange challenges that is currently bedeviling our economy.
“Sustainability is key for our MSMEs, in terms of Environment, Social and Governance. Our desire is to see our members nurture and lead enduring businesses that transcends generations.
“Let me take this opportunity to say that the Institute is committed to building the capacity of its members especially those who have ventured into the realm of entrepreneurship.”
He therefore congratulated the twenty-two (22) awardees that were to be presented with the Practice Licence and Seal of the institute during the programme.
“I urge you all to uphold the tenets of our profession which is Integrity, Ethics and Professionalism in all your endeavors, as worthy ambassadors of the institute.”
Also speaking, the Group Country Director Jeff & O’ Brien Knowledge Africa, Mr. Pascal Odibo who is the keynote speaker, charged the awardees to build a business around their competence.
He said, “You can be a banker and you might not be able to run a good banking business, you can be a doctor and still might not be able to run a good hospital because a different protocol that is required to build a business around your competence if they will become a sustainable practice.”
Pascal Odibo is a strategy and business consultant for over 30 years.
He is an ideation and execution specialist, drawn to individuals and corporations seeking new skill-sets and strategies for business growth, transformational leadership and business recalibration.
Pascal is the Group Country Director, Jeff & O’Brien Africa, an international but Africa-focused knowledge development firm with training footprints in South Africa, Kenya, Ghana, UK and the Americas, in which capacity he has superintended the skills and knowledge development in corporate Africa.
He is an exceptional business coach/trainer and mentor and brings unique perspectives to leadership and business re-engagement in his now very popular Leadership and Business Recalibration Masterclass.
His strong passion for good governance, leadership in business has led to his project, Unleash Nigeria geared towards coalescing intelligent and fresh voices for good governance and transformational leadership in Nigeria and across Africa.
Pascal has set up a number thriving businesses across Africa. He is a regular sort after resource person across Africa in both print and electronic media on matters of economics and business dynamics.
