UNIDO reveals why 80% of Nigerian SMEs, new businesses do not survive after one year
More reasons have been adduced as to why about 80 per cent of new enterprises in Nigeria hardly survive after one year of beginning.
The Coordinator, ARCEIT Programme, United Nations Industrial Development Organisation’s Investment and Technology Promotion Office in Nigeria (UNIDO ITPO), Bahrain, Mr. Afif Barhoumi, during the opening ceremony of a four-day training programme organised by UNIDO ITPO Nigeria for select Federal Government agencies, observed in his remarks that “Although everybody in Nigeria desires to become an entrepreneur, only 40 per cent of the dreamers get to start, but no more than 20 per cent survive”.
However, to get away from the scourge, the UN expert called on relevant MDAs to regularly train beginners’ in Small and Medium Enterprises (SMEs) in the areas of continuous enterprise development and investment promotion.
According to him, MDAs needed to entrench enterprise development and investment promotion as a key strategy to end the scourge.
He said “The training will also equip the SMEs with survival and growth skills needed to thrive and take advantage of investment and trade opportunities in local, regional and international business environments”.
Barhoumi further called for the formulation of effective strategies to address the increasing inability of Small and Medium Enterprises to grow in the country.
