BY John Odhe, YENAGOA
Experts have identified innovation, collaboration and sound financial management and improved access to funding as essential tools for growing and sustaining small and medium scale enterprises.
An economic expert in the department of Economics in the Niger Delta University, Amassoma, Dr. Emmanuel Nathan gave the revelation on a radio programme in Yenagoa, Bayelsa State.
Nathan emphasized that SMEs were crucial to the growth of every economy but often faced with the challenges of limited access to finance, multiple taxations, poor infrastructure, inflation and rising production cost in Nigeria.
He urged entrepreneurs to embrace innovation, and create cordial relationships with customers to grow their businesses.
Also speaking, the second deputy president of the Yenagoa Chamber of Commerce, Alabo Mightyman Dikoru, encouraged business owners to form cooperatives and partnership to have access to grants, loans and other support programmes.
Dikoru also advised customers to adopt digital tools, embrace e-commerce and keep proper records to avoid unnecessary spendings.
Callers to the programme sighted poor power supply, lack of proper funding and harsh economic conditions as the major hurdles plaguing small and medium scale enterprises is the country and Bayelsa State in particular.
