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SMEs: What Importance To Nigerian Economy?

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5 years ago

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The Small and Medium Enterprises (SMEs) sector, in recent times, has suffered many setbacks due to the COVID-19 pandemic and the #EndSARS protests that are currently rocking the country.
This week, The Tide’s Business Unit takes a look at the importance of the SMEs to the Nigerian economy and why the sector should be given proper attention by the government.
Our senior correspondent, Lilian Peters, went to town to have a chat with some entrepreneurs in Port Harcourt and here is what she came back with.
Chief Executive Officer of BenFather Enterprises, Rev. John Benneth, believes that without the SMEs, the demand and supply of the masses in any society cannot be met.
“The SMEs are the economic hub of the country and play a very important role in revenue generation.
“It is unfortunate that the same sector has not been given the required attention to thrive which will in turn benefit the society.
“Government should provide conducive environment for the SMEs and checkmate the excesses of touts and police who take undue advantage of the sector”, he said.
Rev. Bennett noted that many investors had left the country due to insecurity and lack of conducive business environment.
According to him, the harsh economic reality in the country has negatively affected the SMEs. He said the sector required urgent attention of the government to bounce back.
On the ongoing #EndSARS protests in the country, he said, “the youths are fighting a just cause, but unpatriotic Nigerians have hijacked the protests which resulted in the destruction of lives, property and even the business of SMEs”.
Chief Executive Officer/Managing Director of GEEPICS International Limited, Mr Gideon Emeh, says SMEs play a major role in the nation’s economy.
“The only way a nation can boast of a sustainable economic growth is by having a stabilised SME which is the backbone of any economy.
“Growth of SMEs is a sign of a good economy because they pay taxes, provide jobs for others and are also responsible for currency flow”, he said.
Emeh who deals on system softwares, security and engineering programming said the Federal Government has not done enough to help the growth of SMEs in the area of stable power supply, good infrastructure and harmonised taxation.
He urged small and medium entrepreneurs to always invest in self development and acquisition of current skills.
“When you do trial and error in business, chances are that you may succeed out of perseverance or fail out of frustration”, he said.

Managing Director of Ogbom Welding & Fabrication Works, Mr Christopher Ogbonna Nduka, says the importance of SMEs cannot be over-emphasised in the society.
SMEs, he noted, play an important role in reducing crime rate, providing services to the masses and also maintaining the systems put in place by the government.
According to him, “just as welding works provide security to properties, so do SMEs secure economic growth for the country”.
Nduka noted in strong terms that any country that wants a sustainable economy does not play with the entrepreneurs who drive its economy.
“Nigeria should make more moves to help the SMEs in the country to develop like other countries.
“Here, government is only interested in collecting one revenue or the other. Nobody cares for our welfare. Whether we make gain or not, we must generate revenue to all the three tiers of government in addition to contending with the touts who are ready to fight and destroy our working tools.
“This is the reason why we have many businesses closed down after the COVID-19 pandemic and now EndSARS”, he said.

Managing Director of DIDI Concepts, Mrs Lilian Ndidi Onuoha, says the SMEs play a very important role in the development of any nation.
Mrs Onuoha who deals on wares said, “the SMEs do not depend on government for employment, but rather create jobs for themselves and even employ people to reduce the level of unemployment that increases the crime rate in the society”.
She however, observed that the SMEs in Nigeria today “are below average compared to those of other countries.
“Government needs to do more in terms of financial support, encouragement and infrastructural development,”
She added that “the #EndSARS protests have also impacted negatively on the SMEs. The initial motive of the protesters was good but hoodlums hijacked it and damaged, looted and burnt businesses that SMEs built, nurtured and grew for many years”.

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Environment

Why Buildings Keep Collapsing In Nigeria…. NIOB

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7 days ago

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March 16, 2026

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The Nigerian Institute of Building (NIOB) has attributed the recurring building collapse cases across the country to weak construction laws and failure to hold offenders accountable.
President of the institute, Daniel Kolade, made this known in Abuja at the 2026 Builders Day celebration, themed, “Advocacy and Policy Influence: Towards Sustainable Reforms for a Resilient Built Environment”
He expressed worry that, in spite of concerns over building safety, a key regulatory framework meant to strengthen enforcement within the built environment has remained pending before the National Assembly since 2006.
According to him, the delay has created a situation where those responsible for structural failures often escape punishment.
“Because the enforcement arm of the law is still lying with the National Assembly and has not been passed into law since 2006, the room remains for people to go scot-free when these incidents happen,” Kolade said.
According to Kolade, the lack of consequences encourages negligence on construction sites, as many operators believe little or nothing will happen, even if they violate building regulations.
Kolade cited previous building collapse incidents where, years after the tragedies, no individual had been prosecuted or sanctioned.
“As long as people continue to go free when these things happen, you should expect that it may not stop,” he said.
The NIOB president also said that the growing number of unqualified individuals working on construction sites worsened the problem.
He said it has become common for people without the required training or professional certification to assume technical roles in building projects.
“On most construction sites today, everybody claims to be an engineer, even labourers.
“Without the requisite knowledge and understanding, people just assume roles they are not qualified for,” he said.
Kolade noted that professional builders are regulated by the Council of Registered Builders of Nigeria (CORBON), which has the authority to register practitioners and discipline erring members.
He explained that builders found guilty of professional misconduct should face sanctions, including the withdrawal of their practicing licences.
However, he said the absence of a strong enforcement mechanism outside professional bodies makes it difficult to prosecute developers or project promoters who violate construction standards.
“In Nigeria, only one major case in Lagos saw the building promoter go down with the incident.
“In many other cases across the country, those responsible have walked free,” he said.
Kolade stressed that the built environment consists of several specialised professionals, each with defined responsibilities, including builders, architects and engineers.
He said the NIOB remained committed to promoting professionalism, ethical standards and quality assurance within the building industry.
March 13 is observed annually as Builders’ Day to create public awareness about the roles of professional builders and the importance of engaging qualified professionals in construction projects.
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Environment

Lagos Resumes Monthly Environmental Sanitation April 25

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7 days ago

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March 16, 2026

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The Lagos State Government has announced the resumption of the monthly environmental sanitation exercise, nearly a decade after it was suspended in the state.
Residents are expected to clean their surroundings, clear drainage channels in front of their homes, and dispose of waste responsibly as part of efforts to improve environmental hygiene and tackle waste management challenges.
The Commissioner for Environment and Water Resources, Tokunbo Wahab, on Saturday, disclosed the development in a statement, explaining that the exercise would officially restart later in the year.
“I am pleased to inform all Lagosians that the monthly environmental sanitation exercise will resume effective Saturday, 25th April 2026, holding on the last Saturday of every month from 6:30 a.m. to 8:30 a.m.
“During this period, residents are enjoined to clean their surroundings, clear drainage channels in their frontages, and dispose of waste properly as a civic responsibility.”
Wahab urged residents to view the initiative as a shared duty toward building a healthier city, stressing that the government would ensure strict compliance.
“This exercise is a collective responsibility and a vital part of our commitment to a cleaner, healthier, and flood-resilient Lagos. And it shall be backed with the full enforcement weight of the Lagos State Government,” he said.
Explaining the significance of reintroducing the sanitation culture, the commissioner said the state was returning to a practice that once formed part of Lagosians’ lifestyle.
“Let me formally say this and say it boldly. Mr Governor and his deputy are taking a very audacious step. For those who don’t know, prior to 2016, we had a culture that emphasised cleanliness as next to godliness.
“Once every month, we took our time to clean up our surroundings and then maintain them sparkling. However, for some years, we stopped it.”
He said the absence of the exercise had contributed to mounting environmental pressures in the state.
“Now, waste, debt, and environmental challenges have become an existential challenge to us as a state. It’s taken us over a year to debate, talk, and agree that it’s time to reintroduce a monthly environmental sanitation,” Wahab said.
Appealing to residents for cooperation, he urged Lagosians to dedicate a small portion of their time each month to environmental cleanliness.
“It’s a plea that it is time for us to give up just one or two hours a month. In our marketplaces, every Thursday, we observe environmental cleanliness. But this time, we are saying as a state, let us sit back once a month and observe the cleanliness of our environment as we used to before 2016.”
“The monthly sanitation exercise, previously held on the last Saturday of every month between 7 a.m. and 10 a.m., was suspended in November 2016 following a legal pronouncement restricting movement during the exercise.
The suspension later coincided with growing waste management concerns, including clogged drainage channels and indiscriminate refuse disposal across parts of the state.
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Environment

Illegal Buildings On Embassies’ Land Will Be Demolished – Wike

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7 days ago

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March 16, 2026

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The Minister of the Federal Capital Territory, Nyesom Wike, has condemned the construction of buildings on land allocated to foreign embassies in the diplomatic zone of Katampe Extension, Abuja, describing them as illegal structures.
Wike spoke on Friday while addressing journalists during an inspection tour of ongoing infrastructure projects across the FCT.
He said the illegal structures would not be allowed to stand and ordered the demolition of the affected buildings.
During the tour, the minister inspected several roads and infrastructure projects, including the route linking Wuse to the Central Area, a road near the Body of Benchers complex, and the Tungan-Madaki road off the airport corridor.
He expressed confidence that many of the projects would be completed in time for the inauguration marking the third anniversary of President Bola Tinubu’s administration.
On the illegal structures occupying embassy land, Wike said the plots had originally been allocated on March 18, 2008, to various diplomatic missions for residential purposes, but were later seized by an illegal developer who began construction without approval from the Federal Capital Development Authority.
“This land was allocated to various embassies in 2008. Somebody just came here, took the land, and started developing it on their own without approval from the FCDA. We cannot allow this kind of land invasion to continue,” he said.
Wike listed the diplomatic missions affected to include Thailand, Bulgaria, Syria, Somalia, Serbia and Montenegro, Japan, Austria, Switzerland, Senegal, and the Palestine Liberation Organisation. A portion of the land had also been reserved for the Power Holding Company of Nigeria for a 132/133KV power station.
The minister said the FCTA had directed the Department of Development Control to demolish all structures on the land and restore it to its original purpose.
“I have told them to bring down every building standing on this land,” he said, adding that the affected embassies would be formally notified to take possession of their allocated plots.
Wike also disclosed that the suspected developer had been arrested and would soon be prosecuted.
“The man has been arrested and he will be charged in court. The police are carrying out their investigation and he will be charged any moment from now,” he said.
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