Water has run dry in Nigerian companies as the economy slides further into recession and cash crunch bites harder, forcing business leaders to adopt desperate measures during these desperate times.
An expert said that while big companies could withstand recession by being able to adjust by downsizing and cutting costs, the situation might be different for small businesses.
Sage West Africa regional director Magnus Nnomwu hailed the country’s entrepreneurs for their creativity and resilience, saying that they are able to keep going and carry their losses in times like these.
He said small businesses needed to be supported because they could contribute to turning the economy around, far more quickly.
“It is important that government and other stakeholders listen to entrepreneurs’ concerns as they seek to grow and contribute to the economy,” Nmonwu said.
Nigeria lost its Africa’s largest economy title to South Africa, and consequently had to give away its crown of Africa’s biggest oil producer to Angola, as oil prices dropped and a deadly armed conflict in the Niger Delta disrupted production and exports.
But, Nnomwu said the country’s SMEs could play an instrumental role in lifting the economy out of recession, given the right support and business environment.
“Nigerian entrepreneurs and business owners are the engines that drive the country’s economy,” he said.
“We have embraced the responsibility of helping to amplify the voice of small business, because we also started small and understand the challenges entrepreneurs of small face in such times.”
Pic by Buzznigeria