Small and Medium Enterprises (SMEs) should have long-term survival plans and seek innovations in products and services to build viable companies, the Executive Secretary, Nigerian Association of Small and Medium Enterprises (NASME), Mr Eke Ubiji, has said.
Ubiji who spoke at the pre-event media briefing of the 16th MSME summit and exhibition in Lagos, also said that SMEs had emerged as tools for economic growth, but face multiple challenges, including limited access to collateral-free funds and lack of infrastructure.
He advised SMEs to upgrade to produce their products to international standard in order to expand their business.
Ubiji noted that the summit, billed for October 24 – 25 in Abeokuta, will draw global attention to challenges facing MSMEs in Nigeria with a view to sustain the rate of industrial growth and development of the nation’s economy.
