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Stakeholder proffers solution to SMEs failure

 The Managing Director and Chief Executive Officer of the Port Harcourt Electricity Distribution Company, Dr Benson Uwheru, has stated that setting up a proper plan is essential to the success of any business.

He stated this while lamenting the increase in the number of Small and Medium Enterprises in Nigeria that fail.

According to him, proper planning toward achieving growth should not be treated with a kid’s glove. While referencing data from the Nigeria Bureau of Statistics that SMEs contribute to 48 per cent of the national GDP, accounted for 96 per cent of businesses, and 84 per cent of employment, he lamented that 80 per cent of SMEs in the country were not sustained beyond five years in the country.

To stem the tide, he suggested that operators should endeavor to gain inspiration from the largest businesses in the country.
Uwheru made these calls during the Chartered Institute of Bankers of Nigeria’s 2022 Entrepreneurship Development Programme/Public Presentation of Practice Licence that was held in Lagos last week.

A statement by the President of the CIBN, Ken Opara, said the Entrepreneurship Development Programme of the Institute was targeted at sharpening the entrepreneurial skills of professional members of the Institute.

According to him, this would enable them to successfully build capacity and win in the business ecosystem including SMEs.

He said, “Public Presentation of the Institute’s Practice License to qualified members is to license them to practice their trade as consultants outside the confines of the banking hall.

“Essentially, the Practice License enables the holders who have acquired robust banking and financial experience to consult and render services in banking, finance, economic, and allied matters to clients.”

Stakeholder proffers solution to SMEs failure (punchng.com)

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