A Professor of Entrepreneurship and Strategy, Prof Olajumoke Familoni, has stressed that Small and Medium Scale Enterprises (SMEs) remain the lifeblood of any nation aiming to develop economically.
Mrs Familoni, who is the Founder and Chairperson of ICLED Business School of Leadership and Entrepreneurship, stated this during an entrepreneurial training for business executives and customers of a microfinance bank.
The training which was organised by ICLED Business School of Leadership and Entrepreneurship in collaboration with Accion Microfinance Bank was held in Magodo, Lagos.
Familoni said: “Small and Medium Enterprises are the lifeblood of any nation. They are the ones that supply labour force who hire millions of people not the multinationals. So, the strength of any nation is in the development if its micro businesses and SMEs that will provide jobs for the masses. America has invested so much in this sector that is why it has developed this much. Not so much for the multi-nationals”.
Speaking further, the Don underscored the importance of human capital development saying, “Developing human capital is important to any nation. Well-trained personnel are vital for development of any nation. No wonder, Singapore invested heavily in development of human capital in technology to meet the current demands. We see where they are now. With a mediocre workforce, the earnings are affected, because the foreign companies will bring their own workforce and cart away the money to their countries”.