Business
THE Managing Director, News Agency of Nigeria (NAN) Malam Ali Muhammed Ali, has urged the media to give more visibility to the nation’s Small and Medium Enterprises (SMEs) to bolster development.
Speaking on the sidelines of the West Africa SMEs Exhibition 2023 in Abuja on Thursday, Ali said that promoting SMEs would also help in driving the nation’s economic visibility.
According to him, most people overlook small enterprises and focus on the big corporations because they have the budgets for promotion through advertisement.
”But the real game is in SMEs. In other developed climes, for example, the Asian economy was transformed through the focus of the media on SMEs.
”In the UK, small businesses are the engine rooms of the growth of the economy.
”I urge the media to look at the small businesses; for the small things actually count otherwise they will be swallowed up.
“They are the ones that engage people the most in job creation,” Ali said.
On energy, the NAN boss said even when available, it came at a very horrendous cost, thus the need to innovate and look for alternative sources of energy.
He said, ”Renewable and green energy is the way to go, a lot of people have migrated completely to that because it’s a lot cheaper after you have made the initial investment.
”It is important for SMEs to think outside the box, come together collectively to generate their own energy, so that they share the cost of energy supply.”
According to Ali, the issue of multiple taxation is hindering growth of many businesses.
He called on the relevant bodies to ensure tax reliefs, while commending efforts of President Bola Tinubu’s administration for the various initiatives targeted at curbing multiple taxation and ensuring tax reliefs.
Also speaking, the President and Chairman, Governing Council of NASME, Dr Abdulrashid Yerima, said SMEs were the backbone of the economies of countries.
He said that SMEs served as catalysts for job creation, economic growth and innovation, but often faced myriad of challenges.
Yerima said, ”These range from limited access to finance, regulatory constraints and inadequate infrastructural support.
”It is therefore imperative that we establish a collaborative platform that can effectively address these challenges and propel the growth and sustainability of SMEs in our region.”
Mr Ahmad Hamza, Dawanau International Grains Market Traders Association, said the challenge of exchange rates was affecting their profits.
Other exhibitors at the event were: BOI, NPF Microfinance Bank for BETA Woman Savings and Loans, Elond Engineering Services, UTO spices and Marinades, among others.
Other highlights at the event included an exhibition by various manufacturers and vendors from other West African countries.
(NAN)
T
October 26, 2023 @ 15:43 GMT|
Tags: Malam Ali Muhammed Ali
