Centralised digital platform key to ESO effectiveness for MSMEs – Foundation

February 28, 2025
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By RUKAYAT MOISEMHE

The Impact Investment Foundation (IIF) has said that  establishing a centralised digital platform for information sharing and coordination will enhance the effectiveness of Enterprise Support Organisations (ESO) programmes in Nigeria.

Ms Glover Etemore, Chief Executive Officer (CEO) of IIF, who spoke on Thursday at an ESO Forum in Lagos, said the forum was a call to action towards unlocking new opportunities for sustainable growth and funding access for ESOs to strengthen Nigeria’s MSME ecosystem.

The event was held under the theme: “Scalable Pathways for ESOs in Nigeria to Build Micro, Small and Medium Enterprises (MSMEs) Investment Readiness Capacity”.

Etemore said MSMEs are the backbone of the Nigerian economy but their investment readiness is frequently questioned, with many of them struggling to secure financing, disclosing that the 2024 mapping and analysis of ESOs in Nigeria by the IIF, is a pivotal study, which was launched at the forum.

According to her, the study offers an in-depth assessment of the current landscape of ESOs across key sectors such as healthcare, education and agriculture in Nigeria.

“The study also highlights their crucial role in supporting MSMEs and identifying funding sources to enhance their long-term viability.

“The result provided  the foundation with information for building a strong support ecosystem which will guide efforts in creating a more effective support system to knowledge sharing, networking, collaboration innovation, among other things,” she said.

Providing MSMEs with funding, knowledge and opportunities to thrive should be a top priority of the Nigerian Government, the CEO added, stressing that MSMEs businesses provide87.9 percent of employment, and contribute about 49.7 per cent of the national Gross Domestic Product (GDP).

She said that in spite of the $4.2 trillion global finance gaps in critical sectors such as healthcare, education and agriculture, MSME businesses remain undeterred.

“Therefore, creating an enabling environment for ESOs is vital to building a robust ecosystem for Nigerian MSMEs to contribute toward economic development,” she said.

Ms Alice Dada, Nigeria’s Technical Lead, Research and Innovation Systems for Africa (RISA), said the report provides a comprehensive view of Nigeria’s ESO ecosystem by mapping key players, their innovative offerings and strategic priorities.

According to Dada, by strengthening ESOs, the country would unlock greater opportunities for MSMEs, foster economic growth, create jobs and advance innovation.

“One thing we should prioritise is pushing for sustainability because it is one thing to receive support and funding, and another, to sustain it.

“If you are not able to sustain it for the longer-term impact, then you will definitely fall short in what we are trying to achieve,” she said.

Ms Feyisayo Alayande, Executive Secretary, Lagos State Employment Trust Fund (LSETF), noted that empowering MSMEs with the capacity to attract investments is crucial for the growth and economic development of Nigeria.

Represented by Ms Gbemisola Ladipo, Head of Strategy and Product Development at LSETF, Alayande, in her remarks, explained:

“At LSETF, our mandate is to create an enabling environment for job and wealth creation in Lagos State.

“We are deeply committed to developing such an environment where entrepreneurs and MSMEs can thrive in the state.”

Alayande assured that LSETF recognises the invaluable role ESOs play in nurturing and developing MSMEs, disclosing that LSETF programmes include access to finance aimed to bridge the capital gaps.

“We have training and technical programmes targeted at MSMEs so that they can actually scale up.

“We have partnership with international business organisations that give us funds to invest in training,” she said, adding that LSETF has a business support unit that creates access to market, financial literacy, digital marketing literacy and other skills for MSMEs in Lagos State. (NAN)

 

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