Funding should not be a barrier to SME’s growth if well-structured considering the attractiveness of SMEs, especially those in the technology sector, manufacturing, agriculture and renewable energy.
Leveraging on technology in assisting Small and Medium Enterprises (SMEs) across Africa, a financial and investment firm, Cedrus Group Africa, has concluded its plans in rolling out innovative products that would help structure Small and Medium Enterprises (SMEs) for easy accessibility of funds.
While speaking at a press conference to mark its first anniversary as a business and the launch of its Cedrus 5000 Africa SMEs’ the Chief Executive Officer of the company, Olubusayo Adeniyi, said the unbundling project would help overcome access barriers to production resources and ultimately create a robust platform for them to explore various funding opportunities and expand their operations.
He however bemoaned the challenges confronting the SMEs sector in Nigeria, despite that it potentially constitutes the most dynamic firms in emerging economies, limiting their expansion capacity and impeding development.
According to Adeniyi, funding should not be a barrier to SME’s growth if well-structured considering the attractiveness of SMEs, especially those in the technology sector, manufacturing, agriculture and renewable energy.
He further noted that inappropriate structuring impedes and restricts their economic prosperity and growth potential in Nigeria, adding that appropriate structuring would grant them access to various Generator set funding opportunities from institutions such as the NSE to enhance business growth.
Adeniyi argued that there are structured and well-outlined business strategies that are missing when SMEs do not obtain the requisite professional knowledge which discourages investors from investing in the business.
“Most SMEs do not have clarity and what they want to do, this won’t attract investors and they with that investors cannot stake their funds in businesses that do not have the right kind of structures.
Meanwhile, aside from the provision of investment solutions, the firm also provides infrastructure financing needs of the country.
He noted that infrastructure development is crucial for Nigeria’s economic growth, adding that the lack of adequate fiscal revenue to finance infrastructural development has left the economy grossly in deficit in this area.
Therefore, he stressed the need to get private capital functioning along with government resources, to close the nation’s huge infrastructure gap.
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