Dr. Oluremi Olukoya, an entrepreneur and business leader, has recently advocated for the Business Growth Modulation (BGM) Model as a vital framework for the success of micro, small, and medium-sized enterprises (MSMEs) in Nigeria. Speaking at the inaugural conference of Success Circle Africa in Lagos, themed ‘Innovation and Collaboration as Catalyst for Growth in African Businesses,’ Olukoya emphasized the significance of this model, especially as Nigeria faces challenges in recovering economically. He believes that by leveraging the BGM Model, entrepreneurs can effectively overcome obstacles, ensure sustainability, and ultimately contribute to the national economy’s growth. This model serves as a potential guide for Nigerian entrepreneurs to not only transform their businesses but also to play a crucial role in lifting the country’s economic landscape.
In the same conference, Audrey Joe-Ezeigbo, co-founder and Executive Director of the Falcon Group, emphasized the necessity for strategic planning and efficient decision-making processes as tools for developing robust business models that stimulate growth. She pointed out that having a strong business model is essential for entrepreneurs who seek government support, like interventions from the Bank of Industry (BOI) or the Central Bank of Nigeria (CBN). Joe-Ezeigbo remarked that businesses that align with required profiles for such programs increase their chances of obtaining financial assistance. By implementing efficient business practices and projections, entrepreneurs can prepare themselves for the funding that helps advance their growth trajectory solidly.
Additionally, Joe-Ezeigbo stressed an ongoing global emphasis on sustainable development, underscoring the crucial role of government in providing the necessary welfare and infrastructure to support business growth. She articulated her perspective that while the private sector’s responsibility lies in profit-making, it should not neglect its importance in empowering local industries and SMEs. The empowerment of smaller enterprises can significantly benefit the broader economy, as growth at the local level tends to create opportunities and resources that eventually reach various layers of the economic structure. This philosophy reflects a balanced approach to growth, where public and private sectors work together to foster a more conducive environment for business invention.
Highlighting the over-reliance on government support, Joe-Ezeigbo challenged both the private sector and entrepreneurs to innovate and implement practices that encourage growth from within. She noted that many Nigerians possess an inherent entrepreneurial spirit and a unique ability to generate value even in challenging circumstances. However, she cautioned that knowledge sharing and capacity-building efforts are essential for equipping these businesses with the necessary skills and frameworks to thrive in the competitive marketplace. Creating a culture of continuous improvement and adaptability could provide a significant boost to the MSME sector, which is key to realizing Nigeria’s economic potential.
Despite the challenges, Joe-Ezeigbo argued that the assertion that adequate support systems do not exist for SMEs is somewhat misleading. According to her, numerous interventions are already available, but they often require proper documentation and records that many small businesses may lack. This highlights a need for education on the documentation processes and the importance of financial literacy among MSMEs. By focusing on building better structures within their operations, businesses can secure the groundbreaking support needed to advance their growth ambitions. Simplifying access to these programs and fostering better understanding could significantly empower the entrepreneurial community.
Ultimately, both Olukoya and Joe-Ezeigbo present a clear call to action for Nigerian entrepreneurs. They advocate for the adoption of strategic planning, robust business models, and sustainable practices to unlock the potential of MSMEs in Nigeria. By embracing the BGM Model and encouraging knowledge sharing, entrepreneurs can navigate the complexities of the business environment more successfully. Moreover, by fostering collaboration between the public and private sectors, there is greater potential for catalyzing growth and contributing to the economic recovery of Nigeria as a whole. The emphasis on innovative transformations within the business landscape can lead to improved financial stability and enhanced quality of life for many, paving the way for a more prosperous future.
