ASABA/Nigeria: Stakeholders have expressed the view that micro, small and medium enterprises (MSMEs) can leverage growth opportunities to sustain businesses in the COVID-19 pandemic era through the reinvention of business models.
This was part of the recommendations by panellist at the second edition of Delta State Micro, Small and Medium Enterprise Agency (DEMSMA) webinar session on the theme: ‘How to ensure business sustainability during and after the COVID-19 crisis’
The session was part of a series to provide capacity building and advisory services for MSMEs through digital platform in the light of the prevalent economic impact of COVID-19 on business across the world.
The panelists at the session included Mrs Sara Jagwanth, an Inter Regional Adviser, Division for Sustainable Development Goals, United Nations Head Quarter, New York; Mr. Emeka Nnamani, a business and management consultant and Mrs. Helen Ese Emore, a business development expert.
Others were Agribusiness specialist and an international facilitator while the session was moderated by Mrs. Christiana Jobome Emetulu, Deputy General Manager, Delta Broadcasting Service, Asaba.
Reviewing the current implication of the COVID-19 pandemic on the Nigerian economy, the panelists noted that MSMEs were the hardest hit by the crisis and were however optimistic that this impasse would pass.
They noted that only SMEs with innovative thinking and clear vision would be able to take advantage of the new normal situation.
While emphasizing the need for small business owners to register their businesses with the Corporate Affair Commission (C.A.C), have an active bank account, and as a rule, have proper documentation and evidence of their businesses.
While calling on MSMEs to equip themselves with firsthand information on the latest trend in the day to day running of their businesses, the panelists advised small business owner not to stand alone but to form or join clusters of like businesses in order to keep their businesses afloat and alive.
