Babcock VC advocates vibrant SMEs for economic growth

For Small and Medium Enterprises (SMEs) to act as catalyst for Nigeria’s economic growth, there is a strong need to re-invigorate their marketing skills, to key into the opportunities it present to emerging economies worldwide.

President/Vice Chancellor, Babcock University, Ilishan-Remo, Ogun State, Prof. Ademola Tayo who said this during the maiden international conference on economic development, organised by the institution’s department of Business Administration and marketing, said small enterprises need to be re-engineered to key into opportunities that SMEs present.

Speaking on the theme: “SMEs Business Re-engineering and Marketing Strategies As Panacea For Economic Development and Poverty Alleviation.

” he said though there are mounting challenges facing the establishment, management and growth of SMEs in the country, the way out was the possession of appropriate entrepreneurial skills in sales, marketing, finance, human relations, among others.

He expressed optimism that the array of scholars participating at the conference was enough to stimulate robust contributions that would lead to a new dawn for SMEs in the country.

Head, Department of Business Administration and Marketing, Prof. Olalekan Asikhia said it is pertinent, at this time to look for other economic development parameters in view of failure of several economic policies to rejig the economy.

He called on participants to ponder on some of the things the nation needed to come out of the economic doldrums and set the parameters for sustained economic growth.

On his part, Ogun State Commissioner for Commerce and Industry, Otunba Bimbola Ashiru said the state government has introduced a number of policies towards re-strategizing the Micro, Small and Medium Enterprises (MSMEs) sub-sector of the state economy.

Ashiru, who was represented by the ministry’s Director, Research, Planning and Statistics, Mr. Lere Opaleye, disclosed that the conference was in line with government’s programme on commercialization and industrialization, adding that MSMEs were the panacea for economic development and poverty emancipation.