Peter Bamkole, chief operating officer at Pan-Atlantic University, Lagos, has said mentoring is a catalyst in boosting the growth and success of Small and medium-sized Enterprises (SMEs) in Nigeria.
Bamkole revealed this at his book launch on Wednesday in Lagos. The book titled ‘Built by Enterprise: Unlocking the Potentials of SMEs in Nigeria’ uncovers the challenges faced by SMEs in the country, the strategies they deployed and celebrates their transformative role in shaping their economy.
It also discovers the keys to their success and explores the abundance of entrepreneurial wisdom.
Key industry figures, policymakers, and entrepreneurs echoed the sentiment that the book acts as a beacon of hope, providing practical frameworks for both mentors and mentees to bridge gaps and foster sustainable growth within the SME ecosystem.
“The book underscored the pivotal aspect of mentoring as a cornerstone for SME progress. While it explores how these initiatives contribute to the overall transition of leadership within EDC, specifically, he highlights how these strategies played crucial roles in the appointment of his successor,” Fabian Ajogwu, founding partner at Kenna Partners, said.
He emphasised the book’s exploration of mentoring strategies and their transformative impact on nurturing entrepreneurial skills, enhancing business acumen, and fostering resilience among SME owners and aspiring entrepreneurs.
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“The author touched on chapter 13, ‘Succession planning’ with the theme, ‘You’re not really successful until you’ve been succeeded’. He also elaborates on EDC’s practice of implementing the mentoring programme and allowing staff to select their mentors,” Ajogwu added.
Carlos Coutino, managing director at International Breweries noted that the book is a significant contribution to the growth of SMES in Nigeria and across the globe.
“Your book launch marks not only a personal milestone but also a significant contribution to the growth of SMES in Nigeria and across the globe. Your insights and wisdom shared within its pages will undoubtedly inspire and benefit many entrepreneurs, businesses, researchers and industry experts,” he said.
In Africa’s biggest economy, the micro, small and medium enterprises sector contributes 50 percent of the GDP and has provided over 48 percent of all employment opportunities in the country, according to the United Nations Industrial Development Organisation.
However, many of the 39.6 million businesses have been struggling to survive in recent years owing to the fallout of the COVID-19 pandemic, the Russia-Ukraine war, petrol subsidy removal and the naira devaluation.
Small business operators have been grappling with a combination of issues, including poor power supply, rising borrowing costs, soaring inflation, restrictive economic policies, foreign exchange volatility and tax multiplicity.
According to the Small and Medium Scale Enterprises Development Agency of Nigeria, 80 percent of SMEs in Nigeria fail before their fifth anniversary due to harsh economic environments, lack of access to capital, and poor business practices, which have stunted the growth and transition of micro-businesses.
