• Wednesday, February 21, 2024
businessday logo

BusinessDay

Expert canvases for merger of small scale businesses

samohuabunwa.Sam Ohuabunwa, the Founding Chairman Sam Ohuabunwa Foundation For Economic Employment (SOFEE) on Friday said that for small business to grow it has to merge by forming cooperatives.

Ohuabunwa said this  in Lagos while overseeing an economic empowerment business conference.

According to Ohuabunwa, a small scale business entrepreneur in Nigeria could serve as the bedrock of our emerging economy only if they can merge into corporative.

“Small scale business entrepreneurs needs to network with others and form corporative in other to grow into a much bigger accompany.

“To stay as a small company and play in the little league is not good enough as the challenges facing small scale entrepreneurs is becoming enormous.

“Those entrepreneurs who operate alone would always struggle in the areas of finance and sourcing for loans from banks,” Ohuabunwa said.
He added that trust could be a limiting factor for merging but this should not hinder businesses forming corporations to serve the benefit of all.

“With small scale merging into bigger companies their will be risk sharing and more delegated responsibilities which well managed can develop the economic community.

”This also creates more employment opportunities and more training for companies personnel,” Ohuabunwa said.

Ohuabunwa served for 18 years as President of Nemeith Pharmaceuticals, he is also currently serving as the President Nigerian-American Chambers of Commerce.
NAN reports that no fewer than 50 participants turned up for the business seminar.

(NAN)