Nigerian govt tasked to provide financial support to SMEs

The federal government has been tasked to empower small businesses through initiatives that will create access to resources, foster innovation and grow entrepreneurship.

In an interview with DAILY POST, a Data Analyst, Ayodele Joy, said the government can achieve this by providing financial support to start-ups in the form of grants, loans and tax incentives to SMEs and creating fair regulatory environments that will encourage growth in business and investment.

Ayodele said the government can empower business owners by investing in infrastructure and technology to enhance connectivity and productivity and promoting education and skills development programs to build a skilled workforce.

”Additionally, government agencies can offer advisory services, mentorship programs, and networking opportunities to help SMEs navigate challenges and capitalize on opportunities for growth and success”.

Speaking on the role of data in business, Ayodele tasked business owners to leverage the power of data to make informed decisions to enhance their competitiveness and sustainability in the marketplace.

She noted that data when accurately utilized, plays a crucial role in SMEs and provides insights that inform strategic decisions to drive business growth.

”For instance, data analytics can help SMEs understand customer preferences, optimize operations, identify market trends, and manage risks more effectively.

”Growing SMEs using data involves leveraging data analytics tools and techniques to gain actionable insights that support various aspects of business operations.

She noted that data-driven decision-making can help SMEs identify new market opportunities, expand their customer base and drive innovation.

This, she said, includes ”improving marketing strategies by targeting the right audience, optimizing pricing strategies based on customer behaviour, enhancing product or service offerings based on feedback and market demand, and identifying opportunities for cost savings and efficiency improvements.

”As a data analyst, I interface with business owners regularly to understand their specific needs and objectives, gather requirements for data analysis projects and present insights and recommendations that support their decision-making process. This may involve regular meetings, workshops, or presentations to discuss data findings, address questions or concerns, and collaborate on strategies to achieve business goals.