• Thursday, May 23, 2024
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Experts advocate policies to foster sustainable entrepreneurship

Entrepreneurship

Experts in the organised private sector have called for the implementation of policies that will foster sustainable entrepreneurship and help the micro, small and medium scale enterprises (MSMEs) to thrive.

Speaking at the Nigerian-American Chamber of Commerce (NACC) breakfast meeting themed, ‘Sustainable Entrepreneurship- a Win-win Strategy for the Future’ in Lagos, Oluwatoyin Akomolafe, national president, NACC, said entrepreneurship was one of the drivers of a growing economy. He said when business activities were sustainable, firms would grow and develop the country and its economy.

Akomolafe, who was represented by Adebayo Idowu, board member & chairman, Government & International Liaison Committee, NACC, said sustainable entrepreneurship would create employment, enhance products, processes, and establish incipient companies while changing people’s lives.

“Most importantly, it should be noted that entrepreneurship for sustainable development is supposed to result in more than economic prosperity,” he said.

“Sustainable entrepreneurs endeavour to manage the ‘triple bottom line’. In other words, they balance economic health, social equity, and environmental resilience through their entrepreneurial demeanour. Sustainable entrepreneurship is not only associated with the promise of more traditional concepts of entrepreneurship but additionally has the best potential both for society and the environment,” Akomolafe said.

Dikko Umaru Radda, D.G, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), in his presentation, described MSMEs as economic growth drivers responsible for driving innovation and competition in developing economies, contributing significantly to improving living standards and substantial local capital formation.

He said despite their impact, some of these businesses could not survive due to various issues around lack of funds, economic meltdown, low patronage, inadequate power supply, among others. He further said that these businesses needed support in terms of adequate power supply, reduced tax rate, financial access and security, among others.

 “Sustainable entrepreneurship is the key required to open the country to global competitiveness that will elevate Nigeria to be among the most economically advanced nations in the world. There is a demanding need for all activities that border on MSME development to be properly coordinated, monitored and measured for impact,” he said.

“MSMEs, therefore, need all the support they can muster from all stakeholders in order to survive in this era of open markets, competition and global economic crisis,” Radda recommended.

Radda also said that SMEDAN would continue to support strategic and sustainable entrepreneurship as it was a guaranteed strategy for economic development, adding that sustainable entrepreneurship development was a winning strategy for the socio-economic development of the country.

 

Gbemi Faminu