By Ayo Onikoyi

In a bid to equip female owners of Micro, Small, and Medium-sized Enterprises (MSMEs) with the necessary economic skills to thrive in a challenging economy, Mrs. Abidemi Olukole, an economist and chartered accountant, has spoken about the need for enhanced economic skills among micro, small and medium-sized  enterprise.

She stated this at a gathering at Isokun, Ojoo Ibadan, where many small scale business owners gathered for training and empowerment.

The event, organized by OluDean Nigeria Ltd, marked this year’s MSMEs Day, celebrated annually to recognise the sector’s crucial role in achieving Sustainable Development Goals (SDGs).

During her address, Mrs. Olukole emphasised the importance of enhancing economic skills among business owners, particularly in today’s difficult economic climate.

She highlighted the concept of a “skills economy,” which she described as a transformational shift in how businesses and individuals perceive professional value and success, emphasizing the acquisition of relevant skills.

“The ability of business owners to acquire new and relevant skills at the forefront of decision-making in difficult economic times is the panacea for dysfunctional businesses,” Olukole stated.

Mrs. Olukole identified the lack of economic skills as the most significant challenge facing MSME owners in Nigeria.

She acknowledged that while global economies are experiencing tough times, Nigeria’s situation is exacerbated by the abuse or neglect of basic economic principles. This issue, she noted, makes it particularly difficult for MSME owners to access funding from commercial banks.

Addressing the unique challenges faced by female MSME owners, Mrs. Olukole pointed out that women form the majority of MSME owners in Nigeria and often find themselves diverting business funds to family needs.

She stressed that without adequate financial skills, it would be nearly impossible for their businesses to withstand economic pressures.

“Except such women are equipped with financial skills, it will be impossible for their businesses to survive in a harsh economy,” Olukole added.

The economic skills highlighted at the event included proper bookkeeping and auditing, the separation of business funds from personal expenses, and strategies to prevent theft.

She conducted practical sessions to teach these principles, ensuring that even those with limited education could grasp the concepts. Bookkeeping materials were also distributed by OluDean Nigeria Ltd to support the women in applying these skills.

The event saw a diverse group of MSME owners in attendance, including traders, farmers, food vendors, tailors, hairdressers, and manufacturers of table water and soap.

These participants expressed their gratitude to Mrs. Olukole and OluDean Nigeria Ltd, committing to implement the skills they learned to enhance their business operations.

In her closing remarks, Mrs. Olukole reinforced the necessity of continuous skill development and economic education for MSME owners.

She encouraged participants to stay committed to their growth and seek further empowerment opportunities.

The participants, inspired by the sessions, pledged to apply the new skills and called for more initiatives to support female MSME owners.

The event underscored the vital role of education and skill acquisition in the sustainability and growth of MSMEs, particularly in economically challenging times.