By AbdulMumin AbdulQuadri
…As The Companion hosts Conference on strategies for MSMEs
Experts have called on Micro, Small and Medium Enterprises (MSMEs) in Nigeria to be creative in their approaches, think out of the box, and be futuristic to survive the current economic realities within the country.
They are urged to consider alternative approaches to funding their businesses instead of kneeling at the mercy of commercial banks that will milk them out of existence through outrageous interest rates.
These calls were made at the 2024 Lagos District Conference of The Companion, held at the Shamsideen Adisa Thomas Mosque, Ikeja, with the theme: “Building a Stronger Future for Nigeria”.
The conference, which was founded on the second core value of the organisation, aims at liberating and reviving moribund MSMEs within the country.
It was also attended by the National Amir of the Association, Alhaji Olayiwola Ab’Kabir Baruwa; former NAHCON chairman, Bar Zikrullah Hassan, and other dignitaries from within and outside Lagos.
MSMEs are major employers of labour: Baruwa
The Amir of Lagos District of The Companion, an association of Muslim businessmen and professionals, Alhaji Abd’ Kabeer Olayiwola Baruwa said The Companion came up with the theme to recommend measures for policymakers, reorient MSMEs who are the major employers of labour, engage the youths meaningfully and fast track national growth and development.
He said: “The MSMEs are the major employers of labour, and they represent almost 80% of our GDP. So, if the MSMEs are not thriving, the economy of the country will be on the receiving end. Hence, there is need to salvage the situation of MSMEs.
“For that reason, we felt we should come up with measures and dissect the situation, so that everyone can see and policymakers will come up with policies that will restructure and catalyse production business activities in the country.”
He sermonized that MSMEs should start being creative and stop lamenting the situation of the country.
“What we are saying is that MSMEs should be very creative. We can’t just continue to complain that the country is not good and the environment is not conducive. We’ve heard that the problem is age-long ,so, we have to be very creative.
“For instance, if you’re seeking a loan, don’t borrow about borrowing from who will charge you as much as 28% interest rate, you should look inward instead. Talk to your friends, family, contacts and organisations that believe in your vision. That will reduce the cost of operation and increase profitability.”
Epileptic power supply, one major problem with MSMEs in Nigeria: Dr Salaudeen
The guest speaker at the event, Dr Jubril Salaudeen urged the government to resolve epileptic power supply and multiple taxations.
He said: “One major problem with MSMEs today is electricity. We look out for the government to provide electricity for these ailing businesses to survive. Another problem that hinders businesses is multiple taxations. Businesses pay income tax in form of VAT and still have to face the almighty Local Government taxes, which are very challenging, as such, the government must resolve the multiple tax issue.
“Government also needs to solve challenges of transportation, bad roads and provide basic infrastructure for MSMEs to thrive.”
He implored Islamic financial institutions to consider new ways of making their products and services more attractive to MSMEs.
‘We can build a brighter future for ourselves’, says Popoola
Chairman of the occasion, Dr Ahmed ‘Tunde Popoola disclosed that the theme of the conference is futuristic and timely.
According to him, “The theme of this event, ‘Building A Stronger Future for Nigeria’ resonates deeply with me. I believe that by empowering businesses, we can build a brighter future for ourselves, our children and the country in entirety.
“I must commend our organisation, The Companion, for its tireless effort in organising this public lecture with such a relevant and timely theme, and for featuring a renowned business expert as a resource person.”
Don’t play down quality of your products, services: Shaba
The Criterion, Lagos District Amirah, Alhaja Maryam Shaba, speaking at the conference, implored MSMEs never to play down the quality of their products or services.
She said: “We expect MSMEs to maintain an appreciable level of quality. People will not hesitate to patronise you, if they know you offer quality goods and services.”
She advised business owners to abstain from wasteful or impulse buying, but do so judiciously on business.
MSSN, NASFAT reps laud initiative, act
Members and representatives of the invited organisations lauded The Companion for the ingenious initiative.
The Amir, MSSN Lagos, Mr Kamaldeen Abiona urged Muslim organisations to act on the advice given by The Companion.
He said: “This is a push for us to do even more than we’ve been doing at the Muslim Students’ Society and I want to plead that other Islamic organisations also act upon all that has been said here today and help make the country a better place for everyone.”
He asserted that MSSN has been working tirelessly on creating a habitable and enabling society for all, but will even do more with this charge given by The Companion.
Another guest, Hajia Kifaayah Adefowope from NASFAT disclosed that the conference was an eye-opener for her, especially as a fintech (POS) operator.
The educator, who operates POS as a side hustle was wowed by a shocking revelation in respect to her business.
She said: “Many of us run our businesses using inappropriate approaches, but this conference has now exposed us to a lot. Moving on, we should be able to do things differently.
“I was really shocked when the lecturer said POS business which I also do will soon fade out. He said it is time bound and we have to start thinking of what to do when it fades out, to remain relevant.
“For me, this charge alone is worthwhile here today. I’m very glad I could make it here.”
She thanked the organisers and requested that they come up with followup sessions to maximise the conference.
Some beautiful faces at the event
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