SME’s makes 96 percent of business in Nigeria, says Femi-Ajala
By Oluwaseyi Oduneye-Ogunwomoju
Mrs Bukola Femi- Ajala, the Executuve Director, Institute for National Transformation (INT) said that SME’s make up 96 percent of business in Nigeria and contributes to 46-48 percent in GDP.
Femi- Ajala said this at the University of Ibadan School of Business Students Association 2025 Week with the theme “ Transforming Realities into Business Opportunities.
She said that SME’s account for 84 to 88 percent of employment in Nigeria.
“39 percent of businesses are owned by women, this implies a 39 percent female ownership rate in the country higher than 29 percent of sub-sahara Africa and 34 percent global average,” she said.
She, however, urged the government to look at youths and see into what will make them thrive.
“Looking at age, we have high youth population which inturn is innovation and energy.
Similarly, Dr Olufunmi Adegbile, Managing Director, Royal Spices Planner and Managers said that business is not about products or profits alone but the people.
Adegbile said that business is giving good customer service to people at all times.
“ Giving each job or service the utmost best at all times should be top tier, the quality of your service would determine how far you would go and what you will attain, ” she said.
Prof Adenike Osofisan, former Director of the University of Ibadan School of Business said that when establishing the school there was no school in the world that covered the syllabus they wanted to start with.
Osofisan said that other business schools were offering one of a few of what we wanted to start, non-had all courses we were establishing.
“We established this school with focus on what we depend on in Nigeria asides course that MBA is used to.
“This school was the first to be accredited by National University Commission. We’re collaborating with IITA with respect to agriculture business, where students are going there for lectures and practical lessons,” she said. (NAN)
