Don Urges Govt to address Power Supply to Develop SMEs | Independent Newspapers Limited
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Don Urges Govt to address Power Supply to Develop SMEs

Posted: May 4, 2015 at 12:00 am   /   by   /   comments (0)

By Chibuzor Emejor Abuja

A Professor of Development Economics in the University of Abuja, Sarah Anyanwu, has called on the government at all levels to address the problems of infrastructural decay, especially the issues of power supply and access to finance to promote the development of Small and Medium Enterprises (SMEs) in Nigeria.

Sarah Anyanwu

Sarah Anyanwu

Anyanwu who made this call at the 13th Inaugural Lecture organised by the University of Abuja, maintained that enterprises in Nigeria should be focused on increasing creativity, innovation and technological advancement, which are the backbones for developed nations.

The renowned Professor pointed out that entrepreneurship is the core engine for rapid and sustained economic growth and development, adding that promotion of entrepreneurship would reduce unemployment and poverty among the youths.

As part of the measures to stimulate economic development through entrepreneurship, she said “The educational sector at all levels needs to be revamped with emphasis on science and technology and entrepreneurship”.

“There is need to change the mind set of young people to embrace self-employment rather than waiting for non-existing government jobs after graduation. There is also the need to ensure that those with innovative ideas are provided with the financial support to translate such ideas into realities”, she added

The University don also identifies insufficient capital, lack of focus, lack of business strategy, lack of  proper book keeping and succession plan, as well as  inadequate market research, over-concentration on one or two markets for finished products, inexperience, irregular power supply, and infrastructural inadequacies as contributing to premature death of SMEs in Nigeria.

While quoting from the National Bureau of Statistics (NBS), Anyanwu, who is a Consultant  to the Work Bank and European Union, said  the Survey conducted by NBS revealed that manufacturing sector has the highest number of enterprises while the lowest number of SMEs comes from Mining and Quarrying.