SMEs Will Continue Pivotal Role in Growth of Nigeria’s Economy, Says Ashiru

The Chairman of Odua Investment Company, Otunba Bimbo Ashiru, has said that small and medium enterprises (SMEs) are indispensable to the growth of the nation’s economy as they provide innovation to sectors, stimulate job creation, and infuse energy into local markets, regardless of the stiff competition they face from larger companies.

Ashiru, the Chairman of the Association of Small Business Owners of Nigeria (ASBON), stated this at the Nigeria National SME Business Awards (NNSBA) 2024 programme, which was held in Lagos, recently.

He pointed out that maintaining economic development and building a more robust and diversified business environment depended heavily on supporting SMEs through laws that promote entrepreneurship, financial access, and innovation.

Ashiru said he was optimistic that SMEs would continue to propel the country's growth despite obstacles they face as they try to hold onto market share in the face of fiercer competition.

According to him, his optimism is based on the outlook for SMEs, which demonstrate strong performance despite ongoing market uncertainties and cost pressures resulting from a volatile operating environment.

He said Ogun State offers the proper assistance and a favourable business climate, allowing the businesses to prosper and make even greater contributions to Nigeria's economic development.

To foster successful entrepreneurship, the state government has empowered thousands of SMEs and assisted young people to start and expand their enterprises, he said.

According to him, one of the achievements was the development of a strong fashion sector to assist business owners engaged in the regional Adire textile industry.