Reviving Nigeria Economy: Why Tinubu should invest in SMEs – Oyeyemi

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A young entrepreneur in Ogun state, Oyeyemi Adebisi Olasunkanmi, has called on President Tinubu to support Small and Medium Enterprises (SMEs) to help revive the nation’s economy.

Oyeyemi highlighted that SMEs are currently facing serious challenges due to the poor economic conditions, leading to many small business owners having to close down their operations as they struggle to cope.

Speaking to journalists in an interview in Abeokuta, Oyeyemi the CEO of Orisun Ewa Enterprises, emphasized the urgent need for the president to inject funds into SMEs to make a difference and provide a much-needed lifeline for these struggling businesses.

Orisun Ewa stressed that supporting SMEs is crucial for economic growth and job creation, especially in the current challenging times.

He said “It is a very rough experience in the business community because business owners are being faced with quite a number of challenges and as a result, a number of businesses are closing down.

“Some contributing factors include infrastructure decay, unstable power supply and rise in inflation among others. Hikes in fuel price has also been a contributing factor.

The Orisun Ewa boss asserted that SMEs are the backbone of any economy, adding that the enterprises provide employment opportunities, drive growth and open new markets.

“SMEs are the backbone of any good economy. SMEs drive growth, open new markets, provide employment opportunities. They also supply and anchor big retail businesses with products, services and even markets.

He added “According to the National Bureau of Statistics (NBS), SMEs contribute 48% of Nigeria’s GDP and employ over 84% of the workforce.

“Tinubu must recognise the importance of SMEs in economic development and he should implement policies to support their growth and development, with this, the Nigerian economy will prosper.”

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