He stated this while speaking as a panelist in the just concluded Nigerian Economic Summit in Abuja titled “Driving SME growth for made-in nigeria products and services.”
A statement from Skye Bank quoted Abiru as saying 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.
On the role of government in the SME space, he said in order to ensure the accelerated growth of the SMEs in Nigeria, government must play a frontal role in the provision of infrastructure such as power and roads to enhance the movement of goods and services across the country and optimise national productivity.
He said, “When we patronise locally made goods, we are invariably contributing to enhanced operations of local manufacturers and entrepreneurs; creating more jobs; improving quality of products and ultimately stimulating local consumption that impact the local economy.”
On the role of the SMEs towards the development of the economy, Abiru said that there were 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.
He said, “These enterprises serve 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. Many SMEs struggle and face significant challenges. In order for made-in Nigeria SME products and services to gain traction, these constraints need to be comprehensively addressed.”