Dr. Oluremi Olukoya, a prominent entrepreneur and business leader, has identified the Business Growth Modulation (BGM) Model as a proven solution for the growth of micro, small, and medium-sized enterprises (MSMEs) in Africa. Speaking at the inaugural Success Circle Africa conference in Lagos, themed “Innovation and Collaboration as Catalyst for Growth in African Businesses,” Olukoya emphasized that Nigerian entrepreneurs could use this model to expand their businesses and boost economic growth.
“With Nigeria striving for economic recovery, the BGM Model offers a beacon of hope for MSMEs. By embracing this proven framework, entrepreneurs can navigate obstacles, achieve sustainability, and drive national growth,” Olukoya said during the conference.
Audrey Joe-Ezeigbo, Co-founder and Executive Director of Falcon Group, also spoke at the event, urging MSMEs to adopt strategic planning and improve decision-making processes. According to her, this would enable businesses to access government support, such as the Bank of Industry (BOI) and Central Bank of Nigeria (CBN) intervention funds, more easily.
“You already fit the profile of people they want to invest in,” she added.
Joe-Ezeigbo further highlighted the global emphasis on sustainable development and the crucial role of government in providing necessary infrastructure and welfare. However, she also stressed that the private sector should focus on profitability, ensuring that opportunities are extended to local industries and SMEs.
“It’s important to ask the private sector whether they are putting policies in place to ensure that we are giving opportunities to our local industries and SMEs because the more we empower them, the more it trickles down to the lowest player. The over-dependence on the government is not helping the growth of the economy,” she explained.
Joe-Ezeigbo lauded Nigerians for their entrepreneurial spirit but pointed out that many MSMEs lack the proper documentation required to access available support facilities.
“There are several interventions on the ground, but in order to support them, they will demand documentation and records which most SMEs do not have,” she said.
In today’s business world, Joe-Ezeigbo concluded, investors are looking for realistic ventures that promise profitability, stating, “Nobody wants to invest in a company where the money will sink.”
Both speakers stressed the need for innovation, knowledge-sharing, and capacity-building to structure businesses effectively and propel Africa’s MSMEs toward sustainable growth.
