LETTER: Small businesses need help from the private sector

Businesses are the heart of every community because not only are they the source of income for individuals, they also help create jobs. The Covid-19 pandemic has affected many small and informal businesses, which has led to some closing down, their owners left without an income and an increase in unemployment.

While we’re picking up the pieces and adjusting to a new normal there are ways in which the private sector can help small and informal businesses to grow. Skills development programmes are key to supporting them. By implementing these the private sector can help equip entrepreneurs or those who aspire to start their own businesses with the relevant skills that will assist them in gaining a competitive advantage.

Industries are constantly changing at a fast rate and new skills are introduced to make certain operations more efficient. Entrepreneurs must be able to adapt to these changes to survive, and through skills development they are able to polish their skills and learn new ones.

Creating access to funding opportunities is crucial to help small and informal businesses. Most small businesses often look towards their families, friends or even banks for loans to start.

The private sector can contribute towards assisting these businesses by providing funding opportunities that will allow them to get their businesses off the ground.

Mentoring is often an overlooked feature that can help small business owners to grow and thrive. By providing mentorship, we can help them navigate the multifaceted challenges they face as entrepreneurs.

Although there are different ways in which the private sector can support small and informal businesses, it cannot solely assist these businesses. The government needs to play a role by creating a conducive environment that nourishes these businesses and allows easy access to markets.

Ifeyinwa Ugochukwu, CEO, Tony Elumelu Foundation

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