Things not looking well in the sme sector chairman of sme lagos says
The Chairman of the Small and Medium Enterprises (SMEs) in Lagos State, Mr. Babatunde Paul, has expressed concerns about the current state of the SME sector in the state. According to him, things are not looking well for the sector, and he has identified several challenges that are affecting the growth and development of SMEs in Lagos.
Some of the challenges he mentioned include:
- Lack of Access to Funding: Paul said that SMEs in Lagos are finding it difficult to access funding to support their businesses, which is hindering their growth and expansion.
- High Cost of Operations: He noted that the high cost of operations, including rent, utilities, and other expenses, is making it difficult for SMEs to break even and make a profit.
- Corruption and Bureaucratic Red Tape: Paul said that corruption and bureaucratic red tape are major obstacles to the growth of SMEs in Lagos, as they make it difficult for businesses to obtain necessary permits and licenses.
- Lack of Skilled Labour: He noted that there is a shortage of skilled labour in Lagos, which is making it difficult for SMEs to find the right talent to fill their workforce needs.
- Competition from Large Corporations: Paul said that SMEs in Lagos are facing intense competition from large corporations, which are making it difficult for them to compete and survive.
- Poor Infrastructure: He noted that the poor state of infrastructure in Lagos, including roads, transportation, and energy supply, is affecting the operations of SMEs and making it difficult for them to deliver goods and services efficiently.
- Lack of Government Support: Paul said that SMEs in Lagos are not receiving the necessary support from the government, including training, mentorship, and access to markets.
These challenges, according to Paul, are affecting the growth and development of SMEs in Lagos, and if not addressed, could lead to a decline in the sector's contribution to the state's economy.