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  • Business - Companies
  • Updated: September 27, 2022

SMEs Seek Participation In FG’S Decision Making Processes

On Tuesday, the Association of Small Business Owners of Nigeria (ASBON) advocated for participation in the Federal Government’s decision and policymaking processes.

The National President made the assertion against the backdrop of the launch of the association’s movement tagged: 'Movement from Growth and Sustainability of Small Business in Nigeria'.

According to him, the economy would gain a lot, going forward, if SME stakeholders were duly represented in the policies on small business matters.

Speaking on the Federal Government/Central Bank of Nigeria (CBN) stimulus package for SMEs, Egbesola noted that the impact would be greater if the right individuals were involved.

“Specifically, the findings indicate that government policy had a positive influence on business growth of SMEs if done in collaboration with the relevant SMEs stakeholders.

“This means that any increase in development and growth of SMEs sector will be triggered if there are right government policies in place.

“Furthermore, the coefficient of determination reveals that government policy had a moderate effect on business growth and is also responsible for 53 per cent variance in business growth of SMEs.

“Also, the research revealed that PPP and PPD are crucial for effective development and implementation of initiatives that advance stakeholders' inclusion and inclusive growth,” Egbesola said.

He, however, stressed the need for the government and the private sector to play a joint role in enabling a secure business operating environment.

“Furthermore, the report shows that government-led initiatives are key to positive growth, accordingly; 61 per cent of SMEs surveyed recognised the great potential of PPP and PPD.

“While 63 per cent think private sector initiatives and partnerships will benefit businesses and markets in which they operate.

“Government must, therefore, work closely with SMEs and others to advance SME inclusion into the digital economy through tailor-made digitalisation strategies, cutting edge technologies, insights and policy adviser,” he noted.

 

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Felicia Abisola  Olamiji
Felicia Abisola Olamiji

  A graduate of English Language from Olabisi Onabanjo University, passionate about learning new...

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