The Small and Medium-sized Enterprises (SMEs) sector remains the driver of economic growth and long-term sustainability for an emerging market like Nigeria.
The United Nations World Economic Situation and Prospects (WESP) projected a 3.1% economic growth rate for Nigeria in 2024, a slight increase from 2.9% for 2023. The key to actualizing this are the SMEs which account for 45% of Nigeria's GDP and employ 90% of the country's workforce.
To ensure entrepreneurs play a more active role in the growth process, Seven-Up Bottling Company (SBC), in partnership with the United Nations Industrial Development Organization (UNIDO), and Zenith Bank, organised SMEs Scale-Up Bootcamp to equip 80 small and medium enterprise owners with needed skills for business expansion.
Here are six reasons why this boot camp is a game changer for Nigerian SMEs:
Growth strategies from experts: There’s no better source of business knowledge and growth strategies for entrepreneurs than listening to top management professionals who have built and grown brands at the multinational level. Participants received first-hand information from the Managing Director, SBC, Ziad Maalouf, who has been part of the Nigerian business landscape for over 17 years. Founder, Thrive HR Nigeria, Adeshola Aliogo, also shared her wealth of experience on how entrepreneurs can manage people for the utmost output.
A new year booster pack: The first month of the year is when enterprises plan and strategize. For SMEs, scaling is always objective, and having a clear roadmap is key to achieving it. A platform like the Scale-Up Bootcamp, which provides corporate, people, financial, and commercial management strategies is surely a good way for small businesses to kickstart the new year.
Global expansion opportunities: The bootcamp themed “Dream Big, Scale Bigger”, was fully backed by the United Nations agency, UNIDO, which provided participants rare opportunities for global expansion and access to grants. In his presentation at the bootcamp, National Programme Coordinator, Environment and Energy, UNIDO, Oluyomi Banjo, highlighted different areas where SMEs, especially those in the tech space, can leverage opportunities on the UNIDO platform for growth and global expansion. Visit www.unido.org for more information.
Financial solutions: SMEs require money for growth. However, numerous financial pitfalls keep businesses from outgrowing the SMEs status when given the required financial backing. The scale-up bootcamp was a unique opportunity for entrepreneurs to learn from financial experts at Zenith Bank who provided them with financial insights, and bookkeeping tips to access loans. Participants also had the privilege to network with top executives of the SMEs desk of the bank for finance access.
A convergence of industries: SMEs Scale-Up Bootcamp 1.0 was a deliberate effort by the management of SBC to give back to the economy which it has been part of for several years. Registration for the event was free, as beneficiaries only had to register on http://www.smescaleup.org. The bootcamp was a convergence of enterprises in diverse industries across Nigeria which provided the beneficiaries a cross-industrial networking opportunity. The organisers ensured a unique blend, as participants were selected from industries such as agriculture, media, tech, logistics, food & beverage, fashion, E-commerce, energy, travel and tourism, etc.
A continuous process: To ensure a wider impact, SBC has said the boot camp will be a continuum, with more entrepreneurs to benefit from subsequent editions.
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