…FATE Foundation holds 10th Policy Dialogue Entrepreneurship Series
Experts in Nigeria’s entrepreneurship landscape have urged operators of micro, small and medium enterprises to adopt innovative financial solutions to scale their businesses.
Speaking at the pre-FATE Institute 10th Policy Dialogue Series on Entrepreneurship, the experts noted that access to adequate finance for small businesses has remained a major challenge for operators.
They highlighted their profound belief in the transformative power of small businesses in driving economic prosperity, however, call for the issues limiting their productivity to be addressed.
“Access to finance has consistently been a problem for entrepreneurs,” said Amaka Nwaokolo, director of the FATE Institute.
“To drive effective policies, we need data highlighting these core issues and solutions,” she noted.
Her comments reflect the broader struggle of Nigerian businesses to secure funding while grappling with inflation and rising operational costs fuelled by the removal of fuel subsidies and FX volatility.
Aside from inadequate finance, MSMEs also face other challenges ranging from multiple taxation, poor infrastructure, policy inconsistency, regulatory challenges and high operating costs among others.
Femi Aregbesola, president of the Association of Small Business Owners in Nigeria said government policies often do not favour small businesses.
He called for evidence-based policy adjustments to ease taxation and encourage business expansion.
The entrepreneurial landscape faces mounting pressure amid the high cost of borrowing and accelerating inflation in Africa’s most populous country.
The FATE Institute’s 2024 report revealed a decline in the entrepreneurial index from 0.69 in 2021 to 0.46 in 2024, underscoring the urgent need for action.
To address these concerns, the FATE Foundation will convene its 10th Policy Dialogue Series in Lagos from November 20 to 21.
The event aims to unite government, private sector leaders, and entrepreneurs to discuss actionable strategies for sustainable growth.
“Our goal is to equip entrepreneurs with the knowledge and resources they need to thrive,” said Adenike Adeyemi, executive director of FATE Foundation.
The two-day dialogue will focus on improving access to finance, fostering innovation, and addressing fiscal policy challenges. Discussions will also highlight training programs that prepare business owners to navigate Nigeria’s complex economic environment.
“We provide training programs that equip entrepreneurs with the skills needed to overcome challenges,” explained Bambo Adebowale, director of the FATE School of Entrepreneurship.
“Many of our alumni have gone on to achieve remarkable success, proving the potential for transformation.”
As Nigeria enters a pivotal phase, the entrepreneurial ecosystem holds vast potential to shape the nation’s economic future. Stakeholders believe that by leveraging data-driven insights and fostering collaboration, Nigeria can create a thriving environment for sustainable businesses.
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