Across Africa, there are many economic perturbations. In Nigeria, recently, we have seen how rising energy costs, forex paralysis, and other vectors, are affecting the abilities of small and medium scale enterprises (SMEs) to pursue their missions in the market. And with a projected 2025 national budget of about $32 billion in a country of 210 million people, and with at least 25% of that fund going into servicing debts or not funded, SMEs must invent new operating models to thrive in Nigeria.
According to the nation’s tax agency, FIRS, more than N1.7 trillion revenue disappeared in 2023, and thousands of companies faded in the broad manufacturing industry. Within those manufacturers, some are at the small and medium phases of their growth.
The implications of these economic turbulence are huge, not just to the state’s revenue, but also to the companies. Today, at Tekedia Mini-MBA, our Faculty, Dr Abel Osuji, DBA, FCA, from Afreximbank, Africa’s bank of this decade, in our opinion, will be teaching on “Sustainability Strategies for SMEs During Economic Challenges”.
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