Small and Medium Enterprises (SMEs) in the country have been charged on the need to position their businesses as a global competitive alternative amidst the current economic recession.
They were also urged to take the unique advantage that the Nigerian market offers in growing their products and services by understanding the dynamics of pricing right, setting standards.
The advice was given during a symposium organised by First Bank of Nigeria Limited, in partnership with the Lagos Business School, themed, “Made in Nigeria: Driving Productivity and Competitiveness.”
Below are a few tips from the symposium that’ll aid the growth of SMEs:
- SMEs in Nigeria need to understand the dynamics of pricing right and must position as competitive alternative within a recession.
- There are markets opportunities that Nigeria SMEs can take that are unique to the Nigerian market by thinking creatively and innovatively.
- SMEs must also understand the need to deliver value at the right price, by not under pricing or over pricing their products or services.
- According to statistics, about 70 to 80 per cent of new businesses in Nigeria pack-up within the first three years. However, as technology help to guarantee efficiency and effectiveness, it also poses a challenge of social problem that we have to deal with.
- There is no pipeline to support creative capacity of Nigerians, but when you challenge people to think they will produce innovative solutions. There is therefore an urgent need for the government to support SMEs in the areas of infrastructure to aid productivity.
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