Many small and medium-sized enterprises in Nigeria collapse within their first year due to poor knowledge and a lack of strategic planning, according to Mohammed Thompson, Chief Consultant at the newly launched Mo Thompson Premier Consulting Firm. Speaking at the firm’s launch, Thompson referenced the Nigeria Economic Summit Group’s findings and emphasized the urgent need for targeted support to help nano and micro enterprises thrive.
He stated that despite a growing number of Nigerians venturing into small-scale businesses, most lack the experience required to sustain and grow these ventures, often resulting in frustration and business failure.
To tackle this challenge, the consulting firm, in collaboration with partners such as financial services experts, chartered accountants, and advisory specialists, aims to deliver structured planning and guidance. This support, Thompson said, would focus on helping businesses access local and international grants, including assistance in registering businesses in countries like the United States, United Kingdom, and Canada.
“Our mission is to structure these enterprises in ways that make them eligible for funding and attract investments,” he said.
Beyond business development, the firm is launching a strategic empowerment initiative aimed at supporting over 10,000 wives of military and police officers across Nigeria. This includes members of the Police Officers’ Wives Association (POWA), Naval Officers’ Wives Association (NOWA), Nigerian Army Officers’ Wives Association (NAOWA), and the National Police Wives’ Association (NAPOWA).
Thompson highlighted the firm’s commitment to addressing poverty in the barracks, particularly among widows and orphans. The initiative will select 2,000 beneficiaries annually over five years, providing them with business support and training to uplift their economic status.
