SME Sector Has Potential To Eradicate Unemployment – Akinwuntan

 

Harboursandport.com: Lagos - Former Managing Director of Eco Bank Plc, Mr. Patrick Akinwuntan has said that the SME sector has the potential to eradicate unemployment and poverty in Nigeria.

Former Managing Director of Eco Bank Plc, Mr. Patrick Akinwuntan

Akinwuntan disclosed this at the 20th Annual lecture and 29th anniversary celebration of the Catholic Brothers United of St. Agnes Catholic Church, Lagos.

In his opening remarks as the Chairman of the event which has the theme: “Entrepreneurship drive: a tool for mitigating unemployment for National growth” Akinwuntan noted that Nigeria should leverage entrepreneurship to re-establish the country in its rightful place.

He said: “With reported over 40 million registered businesses in Nigeria, the SME sector has the potential to eradicate unemployment and poverty in Nigeria when leveraged and supported fully.

“According to Ban ki-moon former UN Secretary General, ‘Small and medium-sized enterprises are the backbone of the global economy. They are the source of most new jobs and are a key driver of economic growth. The success of SMEs is critical to achieving sustainable development and reducing poverty worldwide.’ We could or should leverage entrepreneurship to re-establish our country in its rightful place, which is leadership of Africa and a place amongst the highly developed economies of the world.

“The Nigeria I grew up in demonstrated enviable entrepreneurial DNA and potential to rule the world. We produced lots of agricultural products including Cocoa, Groundnuts, Coal, Rubber, Oil palm, Cashew, to mention a few. We manufactured Tyres (Mitchelin and Dunlop), Car batteries, Fridges (Kollington), Thermocool, Biscuits, Peppermint, Glass sheets, Bottles, Flasks, Iron rods, Billets, Aluminium roofing sheets etc. The average car, motorcycle or bicycle owner used a product assembled in Nigeria whilst fully imported vehicles was truly for the bourgeois. The rail system and ferries worked across Nigeria, ferrying students, workers, traders and cargos across the length and breadth of Nigeria at reasonable costs and predictable safety.

“Perhaps we can state that for now, the trend of exchange rate of the naira has been stealing from Nigerians while we are all awake. We need more export-oriented entrepreneurs to stabilize our currency and produce more locally to mitigate inflation.

“That entrepreneurship provides a unique opportunity for us to mitigate the scourge of unemployment and poverty is empirically proven when we consider the role of entrepreneurship in leading economies such as the US, China, Japan, Germany, India which are the top five countries by GDP globally.”