In 2024, small and medium-scale enterprises (SMEs) are projected to contribute significantly to Nigeria’s GDP, indicating another impactful year for these vital economic players. With SMEs already contributing 45 percent to the country’s Gross Domestic Product in 2023, their role as drivers of economic growth cannot be overstated.
Despite their crucial role, SMEs in Nigeria face various challenges hindering their growth, including a lack of strategic awareness and business acumen among owners. To address this knowledge gap and unlock the potential of Nigerian SMEs, Seven-Up Bottling Company, in collaboration with Zenith Bank and the United Nations Industrial Development Organization (UNIDO), organized a two-day Scale-Up Bootcamp for budding business owners.
The bootcamp, themed “Dream Big, Scale Bigger,” aimed to equip SMEs with practical strategies for scaling their businesses. Facilitators, including Ziad Maalouf, Managing Director of Seven-Up Bottling Company, shared valuable insights and tips for business growth. Maalouf emphasized the importance of passion, value, and teamwork in scaling up businesses, urging entrepreneurs to focus on ideas with global potential.
Key takeaways from Maalouf’s session included the need to delegate tasks, prioritize networking, understand cash flow versus profit, and embrace technology for business improvement. Additionally, Lanre Oladimeji, GDM Head of Retail Banking at Zenith Bank, provided insights into accessing loans and financial support for SMEs, emphasizing the importance of character and business continuity plans.
UNIDO’s National Director, Oluyomi Banjo, highlighted the role of innovation in driving economic development and introduced the Global Cleantech Innovation Programme (GCIP) as a platform for supporting entrepreneurs with innovative ideas. Furthermore, Adeshola Aliogo, Founder of Thrive HR Nigeria, and Babatunde Irukera, Former CEO of the Federal Competition and Consumer Protection Commission, shared valuable insights on people management and regulatory compliance, respectively.
The bootcamp provided SMEs with a platform to learn, network, and explore global expansion opportunities and funding. Such empowerment workshops play a crucial role in realizing national economic targets and fostering overall growth in the Nigerian economy. With SMEs projected to contribute significantly to GDP in 2024, initiatives like the Scale-Up Bootcamp are essential for driving entrepreneurship and economic development in Nigeria.
