Experts advise SMEs on finance, tech adoption

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Business leaders have advised Micro Small and Medium Enterprises to embrace new business strategies to survive the devastating effects of the coronavirus pandemic on their businesses.

They advised them to take advantage of different intervention initiatives and loans offered by the Central Bank of Nigeria and other government agencies to stay afloat.

The NASSI chairman advised them to take advantage of financial support with long-term repayment being offered by the CBN through the Small and Medium Enterprise Investment Scheme. “Since 2018, the bar has been lowered; you need only to register online, attend training, submit your business plan online and access it.”

The President, Lagos Chamber of Commerce and Industry, Mrs Toki Mabogunje, while delivering a presentation at a virtual global leadership training, noted that SMEs needed to adjust their business models in line with current realities by embracing technology. Citing examples of new business strategies employed by some businesses, the LCCI president said some restaurants were experimenting with direct home deliveries while hotels were accommodating health workers who did not want to contaminate their homes.

 

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