According to him, inorder to survive the unfavorable business climate and the rising wave of inflation, the SMEs have turned to panic drivers to direct their businesses to recoup returns on investment, thereby, tightening the loopholes of financial leakages.
He urged the government to stop paying lip service to the issue of operating environment, while lamenting that many potential investors abroad are interested in investing in this country but for the harsh environment. Chairman, SMEs Group, the Lagos Chamber of Commerce and Industry , Daniel Dickson-Okezie, said, although government has made efforts to improve the real sector through funding, more needs to be done.
“The country needs to build industries, when the nation is industrialised, it will boost the economy. Government needs to encourage production and manufacturing by funding them. Most people have ideas but don’t have the funds to produce and increase value. MSMEs need access to cheap funds. FMCGs product portfolios are elastic, meaning, the kind of products they manufactured have many substitutes; hence, these companies can redesign their product portfolio into cheaper and more affordable brands while being intentional about quality.
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