The Director-General of Small and Medium Scale Enterprises Development Agency of Nigeria (SMEDAN), Alhaji Bature Masari represented by the agency’s Director, Strategic Enterprise and Liaison, Dr Friday Okpara, noted that “SMEs play a pivotal role in economic development that goes beyond job creation. They not only improve living standards but also substantially, local capital formation.”
According to the Director, Informa Life Science Group, Africa, Jamie Hill, said their aim is to change the face of SMEs in Nigeria by co-locating franchise with SMEs. “The biggest problem here is access to finance. That is why we are co-locating the franchise with the SMEs because the franchise model is a proven, tested model that works all over the world.
It is a business plan; so if you go to the bank with a franchise business plan, you will have a lot more possibilities and hope of getting the necessary investment. For an SME, it is very difficult to get access to funds from banks because of the business plans and the way things are done. “So what we are trying to do at this initial stage is to empower SMEs through education. Many people here have dreams and a burning desire and just need tools and resources to make their dreams come true.
We are hoping to provide that little bit of education that will get them on their way. The franchising element is an easier way for these people to get their SMEs going because if you go to a bank with a business model that is successful and has worked all over the world and say ‘I want to do this,’ you’ve got a lot more hope of getting that loan or whatsoever it might be than if you just go and say you want to start your own business.
So we hope this is a start of something with our partners in National Association of Small and Medium Scale Enterprise (NASME) from the private side and SMEDAN from the government side. We are partnering with them, inviting SMEs, getting their policies and topics involved in the conference. We hope that together, we can really help drive the Nigerian economy through the empowerment of the SMEs.”
Jamie Hill said they have been working with the Nigerian International Franchise Association, to see who has been making enquiries about getting involved and also they communicate with the embassies like the US, UK and South African Embassy predominantly, to see which global companies are looking into Nigeria at the moment.
The two-day conference which brought together Nigeria’s entrepreneurial enthusiasts featured topics such as Business growth, Development, Start-ups and financing; Leadership strategies; Marketing and branding; Women in SMEs; SME advancements and more. Speakers included Anthony Okoye, President, Entrepreneurs Organisation of Nigeria; Ladi Jemi-Alade, Chairman, Nigeria Association of Small & Medium Enterprises, Dr. Rotimi Oladele, Executive Secretary, Institute of Entrepreneurs among others.
Hill said he hopes to see more and more international companies coming into Nigeria as the number one economy in Africa. Participants included business owners, CEOs, entrepreneurs, managing directors, partners, general managers, CIOs, head of business development, COOs, CFOs, regional managers, sales and marketing directors.
