ENTREPRENEUR HARPS ON STRUCTURAL REFORMS TO BOOST SMES GROWTH

An entrepreneur has called for comprehensive structural reforms to unlock the growth potential of small and medium-sized enterprises (SMEs), stressing that a more enabling business environment is essential for economic development.

Speaking at a business forum, the entrepreneur said SMEs remain the backbone of the economy but continue to face challenges such as limited access to finance, high operating costs, inadequate infrastructure, and regulatory bottlenecks.

According to the business leader, implementing reforms that simplify regulations, improve infrastructure, and expand access to affordable credit would enable small businesses to grow, create jobs, and contribute more significantly to national development.

The entrepreneur also urged policymakers to strengthen support for innovation, digital transformation, and entrepreneurship development to improve the competitiveness of Nigerian businesses.

Industry stakeholders noted that SMEs account for a substantial share of employment and economic activity, making sustained investment in the sector critical to inclusive growth.

Economic analysts said structural reforms that improve the ease of doing business and encourage private sector investment could enhance productivity and attract both local and foreign investors.

Participants at the event also emphasized the importance of public-private partnerships in addressing the challenges confronting entrepreneurs and promoting sustainable enterprise development.

The entrepreneur called on financial institutions, government agencies, and development partners to collaborate in creating policies that foster innovation and long-term business expansion.

Stakeholders agreed that empowering SMEs through targeted reforms would strengthen economic resilience and support broader national development objectives.

The forum concluded with renewed calls for practical policy measures that will enable small businesses to thrive, expand employment opportunities, and drive sustainable economic growth.