TechnoServe offers business solutions to SMEs
TechnoServe has provided a learning platform for entrepreneurs while guiding them on how to formalise their business and improve their bankability.
Chinwe Owhorji, project coordinator, PAYED, TechnoServe Nigeria told BusinessDay at the training held in Abuja that there is constant need for the entrepreneurs to embrace modern trends in running their businesses for productivity.
According to Owhorji, Nigeria’s retail development is supported by a middle-class that has grown by 600 percent in the last few years and now includes 4.1 million households or 38 percent of the country’s total population.
“Due to the economic recession of 2016 in Nigeria, retailing’s current value growth slowed in 2016 compared to the review period overall performance, reflecting lower consumer spending power. However the economic recession, the Global Retail Development Index says Nigeria’s retail sector made a national sale of N38trillion ($125bn) in 2016,the highest retail sales in sub-Saharan Africa,”Chinwe said.
She pointed out that the formal retail sector in Nigeria is dominated by foreign retail investors, while stating that entrepreneurs who go into retail businesses must do it professionally in order to create wealth and compete favourably.
Onyeka Igwebuike,a programme manager at TechnoServe, told BusinessDay that the programme focuses on providing a plethora of economic opportunities as regards training opportunities, skills acquisition and supporting entrepreneurs to grow their businesses.
She pointed out that a survey was carried out by TechnoServe, which revealed that a lot of people want to enter into a business segment but don’t have the requisite skills, and don’t have experience, which hitherto informed the training.
“Another thing that we found out is the opportunity for people to improve customer service skills, because the businesses are similar and they operate in a competitive environment. If you cannot compete on price, you compete on value.,”Onyeka said.
HARRISON EDEH, ABUJA
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