FG urged to support young entrepreneurs
The Federal has been urged to improve the support to young entrepreneurs and create the enabling environment that would enable the Small and Medium Enterprises (SMEs) to grow sustainably.
Aigbe Omoregie, founder, Young CEO Initiative, a Non-Government Organisation (NGO), made the call in Lagos, on Saturday.
The Young CEO Initiative is a platform that provides startups access to mentorship, grants and networking opportunities.
Omoregie said, the support will help the entrepreneurs scale up their businesses and command authority in their respective sectors.
He said that the harsh economic situation in the country was making it difficult for many young entrepreneurs to survive in business, despite various interventions from the government and private investors.
“Some of these entrepreneurs have shut down production; some have downsized, while some of them have succumbed to the lure of irregular migration, because their businesses are barely functioning.
“We find it difficult accessing credit facilities from the banks, which leaves us at the mercy of smaller financial homes, who give us facilities at a very ridiculous interest rates that eventually eliminate the purpose of growth,” he said.
Omoregie said that MSMEs with over 37 million players contribute about 54 per cent to the Gross Domestic Product (GDP).
“We, therefore, appeal to government, as a matter of urgency, to come to our aid before the businesses of the youths who serve as role model collapses.
NAN
