Experts have urged small and medium enterprises (SMEs) in Nigeria to seize the opportunities available in nutrition funding in the country. The entrepreneurs can achieve this through collaboration, broadening their vision and learning to be investment ready.
The experts made the call under the aegis of the Scaling Up Nutrition Business Network (SBN), a dedicated global movement focused on ending malnutrition. The global initiative recently held a Masterclass ‘Unlocking Investment Opportunities for Improved Nutrition’ in partnership with agribusiness consultants in Lagos.
According to a statement, the SBN organised the Masterclass to highlight the challenges with conventional funding mechanisms and how commercial lending stifles business growth and limits the scale-up potential for expanded private sector contribution to Nigeria’s nutrition landscape.
Some of the challenges that SMEs face, highlighted, include access to markets, information, networks, entrepreneurship training and funding.
During the Masterclass, SBN members revealed that there were alternative sources of funding already existing in the industry. Entrepreneurs were exposed to the abundance of grants, funds and technical support available for SMEs focused on nutrition.
Ndidi Nwuneli, co-founder, Sahel Capital Partners & Advisory Limited, urged small business owners to be open-minded about new ideas they encounter in order to scale their enterprise.
“Key lessons shared by participants include the importance of documentation, the importance of trust as the main currency of business, the importance of integrity when choosing business or investment partners and the need for due diligence in business transactions. Attendees also corroborated the need for innovative thinking and strategies to evolve into niche leaders as well as recognisable and establishing success milestones and the importance of separating business from personal finances,” according to the statement.
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