Financing is key to the quest to grow entrepreneurship businesses in Nigeria, LEAP Africa, a non-profit organisation, has said.
The Executive Director of LEAP Africa; Mrs. Iyadunni Olubode, said it was imperative to bring more light to discussions surrounding Small and Medium scale Enterprises development and sustainability in the country.
She said research had shown that finance was among the key challenges facing startup businesses.
This, she said, prompted LEAP Africa to invite experts and professionals to share their experience on entrepreneurship.
Olubode spoke at the 11th Annual CEO’s Forum in Lagos.
The forum, tagged, ‘Attracting Financing for your business: Strategies and opportunities’, focused on how small businesses could thrive with the best practices in the country.
She said, “It is imperative for the development and sustainability of startups as it has the capacity to drive growth and encourage commitments of individuals towards the socio economic development in the country.
The Managing Director, Financial Derivatives Company Limited, Mr. Bismarck Rewane, said companies needed to consider the vulnerability of their businesses to crude oil price, minimum wage review and exchange rate.
“The most inelastic product in the world is salt- no matter the price you cannot use more than necessary because it is too cheap or otherwise,” he noted.
The Executive Director, Stanbic IBTC Bank, Mrs. Yewande Sadiku, said there was the need for entrepreneurs to understand the processes involved in seeking loans from the bank and the value of assets as collaterals.
She said, “Entrepreneurs should be ready to take very great risks in business, which often time would lead them to go very broke or very rich which would result based on what they have invested, and it depends on whichever way the money turns out.”