Only scale up SMEs can create mass jobs for Nigerians ― LAPO Microfinance Bank Chairman, Ehigiamusoe

The Chairman, Lift Above Poverty Organisation (LAPO) Microfinance Bank, Dr Godwin Ehigiamusoe has said that only Scale-up Small and Medium-scale Enterprises (SMEs) can create mass jobs for Nigerians.

The Chairman said this to Tribune Online on Friday in Lagos while reacting to the ineffectiveness of Small and Medium Scale Enterprises in driving the country’s economy.

Dr Ehigiamusoe noted that scaling up involves looking beyond access to credit as some Microfinance banks, the Central Bank of Nigeria, others have been playing an effective role in that regard.

He stated the need for capacity for owners and managers of the owners of SMEs in order to scale them up.

“Scale-up means you would able to increase your volume, reach in terms of customers and enhance your profitability because it is only scale-up businesses that can create mass jobs for people.

“SMEs have always been branded as the bedrock of any economy. There is no doubt about that.

“Making SMEs play that role requires a lot of factors which include access to funds and I think Microfinance banks, Central Bank of Nigeria and other financial institutions.

“But, I strongly believe that there is a need for capacity for owners and managers of the owners of SMEs in order to scale them up.” He said.

Meanwhile, The LAPO Founder urged Microfinance banks to embrace digitalization in order to be in tune with the current realities as Microfinance for the past 50 years has gradually been on the rise and so making reference to past glory does not really apply objectively.

Dr Godwin added that there should be a conscious plan and actions by Microfinance banks to carry this out.

“I think what therefore can change the practice forward is the fact that we need to identify the trend which is that the way we do Microfinance many years ago is definitely not going to be the way we used to many years ago.

“There is going to be a huge element of digitalization. So, there should be a conscious plan and actions by Microfinance banks. So, they need to digitalize their products.

“Microfinance for the past 50 years has gradually been on the rise and so making reference to past glory does not really apply if you look at it objectively.” Dr Godwin said.

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