SME CAPACITY-BUILDING

SMEs have been identified as the engine room of growth in economies around the world. We use to think that agriculture was the highest employer of labour but recent statistics show that even in Nigeria, SMEs employ more people because even the farmers are included in this population. According to the Small & Medium enterprises Development Agency of Nigeria (SMEDAN), Nigeria has over 40million SMEs and this number is increasing annually as the teeming number of graduates take to self-employment. Annual graduate turnover in Nigeria was about 600,000 and expected to reach the 1million mark in 15years from Nigeria’s 308-degree awarding institutions (134 polytechnics and 174 universities) with 308 new applications for higher institutions on queue. SMEs need support in five major areas. Namely:

Financial and credit assistance
Technical and training assistance
Extension and advisory services
Marketing and market research
Infrastructure supports
Soboms Nigeria Ltd through its subsidiary is providing Advisory and Technical support to enable SMEs develop their business proposals to access financial assistance.