SMEs in Nigeria Need Funding and Mindset Shift for Growth

Dr. Seyefar Clement, an international finance expert and principal lecturer at the University of Bedfordshire, addressed the importance of small and medium enterprises (SMEs) in Nigeria's economy during the STAI Touch World SME Day celebration.

He highlighted that SMEs account for approximately 96% of businesses in Nigeria and are crucial for job creation and economic growth. Dr.

Clement emphasized that the growth of SMEs requires not only capital availability but also a significant mindset shift among entrepreneurs. He pointed out that challenges such as limited financial literacy among SME owners and inadequate access to funding hinder their growth.

He noted that many SMEs struggle to secure affordable financing due to a lack of credit history and the underdeveloped credit infrastructure in Nigeria. Additionally, he mentioned that the political landscape can influence SME support programs, often leading to a perception of funding as a gift rather than a means to support business development.

The Kestin Pondi Foundation was mentioned as an organization committed to supporting SME entrepreneurs.