The Lift Above Poverty Organisation (LAPO) has identified lack of management capacities and paucity of funds to scale up as some of the causes of failure of Micro, Small Medium Enterprise (MSMEs) in Nigeria.
At a recently concluded 2-day workshop in Benin City, LAPO noted that small business accounts for more than 85 percent of all job opportunities in Sub-Sahara Africa as well as account for more than 73 percent of the GDP.
Organisers said the workshop with the theme, ‘Business Expansion and Funding Opportunities for Entrepreneurs’, seeks to empower local businesses by unlocking their creativity while encouraging innovative ideas of expanding their businesses globally.
In his welcome address Chairman, LAPO Governing Council, Dr Godwin Ehigiamusoe remarked that the failure rate of small businesses globally is as high as 63 percent in the first two years of community operations.
The LAPO chief who was represented by Mr. Moses Ehigimusoe stated: “Three Key Challenges that hinders small businesses from steady growth and expansion finance, lack of skills and the right strategies and access to markets.”
Delivering a lecture on “Policies and Support for Business Scale up What Small Business can tap to Expand Operations”, Dr. Friday Okpara of Small and Medium Enterprise Development Agency of Nigeria (SMEDAN), harped on the need for business owners to equip themselves with the necessary clues to sustain their business and take it to greater heights.
He explained that when businesses in the country are sustainable, there will be employment generation, noting that SMEDAN had to collaborate with LAPO to enhance the capacity of participants.