Empowering Small-Scale Industrialists in Nigeria

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Bishops in Nigeria have recently urged the government to foster an ‘enabling environment that will promote the growth of small-scale industries.’ Given the  worsening economic situation in the country, life has become increasingly challenging for Nigerians who are grappling with persistent poverty and hardship. Hence, the government can support small-scale industries, especially in rural areas, to enhance productivity, reduce unemployment, and promote social cohesion. By supporting small-scale industrialists, poverty can be alleviated through income-generating opportunities for individuals and households created by tiny industries.

The Role of Small Industries

Small and medium enterprises (SMEs) contribute approximately 48% to Nigeria’s Gross Domestic Product (GDP). They also account for 96% of businesses and provide 84% of employment according to Moniepoint statistics.Thus, it is vital  to support SMEs given their role in labor generation, economic growth, and poverty alleviation. Establishing trustful relationships between industrialists and enterprises to facilitate transactions and foster partnerships is equally vital. Confidence with industry partners, such as suppliers and distributors, is critical for the success of an endeavor. In this aspect, before engaging with other businesses and firms,  industrialists must conduct their due diligence to establish the credibility and reputation of potential employees, partners or customers using background checks or public records. These sources can reveal information such as criminal records,  financial stability or legal/regulatory compliance from which sound business decisions can be made.

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jennydee

Freelance writer

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