The Enterprise Development Centre (EDC) of Pan-Atlantic University has urged small and medium-sized enterprises (SMEs) in Nigeria to meet international standards understand cross-border trade regulations and identify potential buyers to access markets across Africa.
The Head of Alumni Engagement and Support Services at EDC Dr. Nnenna Ugwu said businesses seeking to expand beyond Nigeria must understand the requirements of their target markets and ensure their products and services meet applicable standards.
Ugwu spoke ahead of the 20th edition of the EDC’s annual SME Conference themed ‘Beyond Ecosystems: Building Platforms That Help African Businesses Thrive’ scheduled for November 16 and 17 in Lagos.
She said Nigerian entrepreneurs needed to understand market demands improve product packaging adopt technology and establish partnerships with businesses in other African countries to expand their reach.
‘You want to understand what is obtainable. Who can I sell to? If you want to thrive in trying to export or access other markets you must make sure that the products or services you offer meet the standards obtainable in other locations’ she said.
Ugwu said businesses must also understand the laws governing cross-border trade and the processes required to export their products. She added that identifying buyers before entering new markets would help entrepreneurs avoid unnecessary costs.
She urged entrepreneurs to explore partnerships rather than attempt to handle every aspect of their operations independently.
‘You must not do everything. If I am operating from here I need to find that person in Senegal that I can send the product to and work together with’ she said.
She said Nigerian businesses had the potential to compete across Africa but needed greater awareness of market requirements and the regulations guiding regional trade.
‘We are ready but we are not ready. We have seen Nigerian entrepreneurs that have actually started accessing these markets. It is still a work in progress’ she said.
Ugwu called on stakeholders including the Economic Community of West African States (ECOWAS) the Nigerian Export Promotion Council (NEPC) and the National Agency for Food and Drug Administration and Control (NAFDAC) to sustain sensitisation on cross-border trade and applicable product standards.
She said the conference which has been held nationally for 19 years was expanding into a Pan-African platform to address challenges facing businesses across the continent.
Ugwu identified inadequate access to finance poor infrastructure multiple taxation high interest rates inflation exchange rate fluctuations and insecurity as some of the challenges limiting SME growth in Nigeria.
She said unreliable electricity supply and poor road networks increased operating costs and affected the movement of goods particularly agricultural produce.
She also identified inadequate business management skills and shortages of skilled workers as challenges urging entrepreneurs to strengthen their capacity in financial management marketing strategy and record-keeping.
Organisers said the two-day event will feature keynote addresses and panel discussions on access to finance and markets intra-African trade business expansion talent development artificial intelligence financial technology and digital transformation.
It will also feature a Pan-African SME Expo where businesses can showcase their products to prospective buyers partners and investors as well as Investor Connect sessions designed to link businesses with investors.