SMEDAN Urges Entrepreneurs to Prioritize Planning, Resilience Amid Economic Hardship

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has called on Nigerians planning to establish small and medium-scale enterprises (SMSEs) to ensure thorough planning for their businesses to thrive.

Speaking at a seminar organized by the Kwara State Correspondents’ Chapel of the Nigeria Union of Journalists (NUJ) as part of its 2024 Annual Press Week, SMEDAN’s administrative officer in Kwara State, Mrs. Adava Ometre, emphasized the importance of resilience for existing SMSEs amid the current economic challenges.

She assured that businesses that stay strong will eventually overcome the hardships.

Mrs. Ometre highlighted the significant contribution of SMSEs to Nigeria’s economy, noting that they account for 46.31% of the nation’s GDP and over 6% of its exports. These figures, she said, are clear indicators that SMSEs are performing well despite the tough economic environment.

“SMSEs in Nigeria should remain resilient. They should not give up or close down because of the current economic difficulties—they will overcome them,” Mrs. Ometre stated.

She further encouraged existing businesses to take advantage of various federal government interventions to grow, stressing the importance of proper packaging and branding of products and services.

“If you want to succeed in any business today, you must plan ahead. Some businesses that have existed for five years or more have closed down because they were not well planned,” she advised.

Addressing journalists, Mrs. Ometre urged them to explore the opportunities within their profession to establish their own businesses.

She emphasized the need for a strong online presence and creativity, advising journalists to build personal brands, create niche content, and offer paid services such as media training, writing, or social media strategy through consultations or workshops.

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