In a recent announcement in Abuja, Tola Adekunle-Johnson, the Senior Special Assistant to the Vice President on Job Creations and SMEs, revealed the Federal Government’s intent to establish the Council for Small and Medium scale Enterprises (SMEs) in Nigeria. This initiative aims to support the vast network of over 40 million small businesses across the nation.
Adekunle-Johnson emphasized the pivotal role of small businesses in Nigeria’s economy, underscoring the imperative need for substantial assistance to enable SMEs to flourish, particularly in the current landscape.
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The disclosure took place during the graduation ceremony of 5,300 SMBs from Google’s Hustle Academy—a program designed to equip African SMBs with tailored skills and resources to navigate specific challenges and foster growth. Notably, since its inception in 2022, the program has impacted over 10,300 entrepreneurs, with 4,400 hailing from Nigeria.
Speaking at the event, Charles Odii, the Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), reiterated the significance of SMEs as the backbone of the economy. Odii highlighted that despite multinationals constituting only four percent of businesses, the remaining 96 percent comprised small businesses, responsible for 80 percent of job creation, particularly led by women aged 20 to 60.
He emphasized the necessity of robust support, acknowledging the contributions of entities like MTN, Google, and others while noting the collective efforts of SMEDAN, the Office of the Vice President, NITDA, and LSETF in providing substantial backing.
Google’s Olumide Balogun, the Country Director for West Africa, stressed the pivotal role of small businesses in any economy. He acknowledged the challenges faced by these enterprises, citing inflation, forex instability, cost of living, and security concerns.
Balogun referenced a significant funding gap of $400 billion for millions of SMEs in Sub-Saharan Africa identified by the IMF. He emphasized the dire need for skill enhancement to bolster access to funding, affirming Google’s commitment to providing technological expertise for SMEs’ growth.
Mojolaoluwa Aderemi-Makinde, Google’s Head of Brand and Reputation, highlighted the rigorous selection process that led to choosing 15 Nigerian SMEs from the Hustle Academy for a N75 million grant. She underscored Google’s ultimate goal of fostering thriving businesses and contributing positively to Nigeria’s economic landscape.