• Sunday, December 03, 2023
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Traction pushes for growth of MSMEs

Lagos SMEs gear up for ‘Boost Your Business’ summit

In its drive to encourage the growth of budding businesses, Traction, a growth partner for small and medium scale businesses in Nigeria, recently brought together food and fashion entrepreneurs to discuss trends in their industries.

The forum, the second in the series by Traction, was themed “Riding the wave: how businesses are leveraging innovation to navigate socio-economic headwinds today.”

The event, which was held at Capital Club, Victoria Island, Lagos, afforded owners and managers in the food and fashion industries the opportunity to discuss issues and trends impacting Nigerian businesses.

Speakers at the forum included Mo Agusto, founder, M.O.T; Karen Ubani-Alli, founder, Karen Ubani Apparels, and Rukayat Momoh, president, Culinary Arts Practitioners Association (CAPA). The session was moderated by Tannaz Bahnam, founder, Lost in a City.

The business owners learnt from the experiences of other entrepreneurs, zeroing in on the changing economic landscape and its impact on customer engagement; behaviour, business financing, financial technology and supply chain. Participants brainstormed on solutions, and how to access opportunities for financing, advisory, product quality, wealth preservation and appropriate business coverage.

Read also: DBN calls for policies to spur MSMEs growth

“Although our key business focus is to provide payment solutions and business tools to support the growth of businesses in Africa, we are also passionate about grooming a community of thriving MSMEs in Nigeria, where ideas and solutions are exchanged amongst business owners.

There’s a need for that and we will continue to organise more forums and sessions like this,” Dolapo Adejuyigbe, co-founder of Traction, said during the forum.

Although the event focussed on the food and fashion sectors, the solutions proffered were applicable to other business categories.

Making a presentation, Rukayat Momoh also known as Chef Giggles, encouraged business owners to leverage social media channels to attract and engage more customers.

Also, Mo Agusto pointed out the need to build a quality brand that is also affordable for different income brackets, while Karen Ubani, CEO of Karen Ubani Apparels emphasised the importance of constant learning and business evolution to match and manage the growing cost of business operations against rising inflation rate.

Traction has held several various programmes this year, including pop-up events, webinars and online forums focused on supporting business growth.