Lack of proper and adequate information has been identified as the foundational problem of Medium, Small and Micro Enterprises (MSMEs) in Nigeria.
Nigeria, which houses about 40 million MSMEs across various sectors in the country, contributes 50 per cent of the jobs in the economy, thus, making it significant to the growth of the nation.
However, experts have said these MSMEs face internal and external issues that range from structure to inadequate funding, strategy and planning among others that negate the growth of their enterprise.
The Managing Partner of the law firm, Iyiola Oyedepo and Company (IOC), Iyiola Oyedepo, at a book launch recently, said it was alarmingly that most business owners are unaware of what is available to them to utilise their business potential.
Speaking on the book titled, “Essays on Nigerian Business”, Oyedepo, who is also the author, said the publication would educate entrepreneurs to have a foresight into business operations, without necessarily and solely relying on professionals for the growth of their businesses.
Giving an insight into when the journey began with a blog on business law five years ago, the author noted that the feedback gotten over the years enabled them to pinpoint the deficiencies, which led to the publication of this book.
According to him, the book is a compilation designed to give business owners an insight into the pros and cons of running an enterprise in Nigeria, which covers what businesses experience every day.
He said: “The book covers topics from idea conception, forming a business, working with third party vendors, dispute resolution, and regulation compliance – tax matters, registration with regulatory bodies. It covers what businesses experience every day.”
Corroborating him, the Head, Small and Medium Enterprises Development Agency (SMEDAN), Ogun State Office, Kole Dawodu, said ignorance is the major reason many businesses are not successful in the country.
He said at SMEDAN, the agency practically takes the information to the entrepreneurs, noting that most of them are intolerant for such knowledge, which perhaps, are based on previous experience.
“We take entrepreneurial education to them regardless, as it is our duty to make them aware of the policies the government has made to better equip and create an enabling environment for them.”
According to him, a number of business owners are unaware of the opportunities that abound in them, adding, “It is amazing that most MSMEs are unaware of what is available for them.”