Executive Director, Institute for National Transformation (INT), Mrs Bukola Femi-Ajala, said that Small and Medium-sized Enterprise (SME)’s make up 96 percent of business in Nigeria.
Femi-Ajala said that this contributes to 46-48 per cent in GDP.
She stated this at the University of Ibadan School of Business Students Association 2025 Week with the theme: ‘Transforming Realities Into Business Opportunities.’
She said that SME’s account for 84 to 88 per cent of employment in Nigeria.
’39 per cent of businesses are owned by women. This implies a 39 per cent female ownership rate in the country higher than 29 per cent of sub-sahara Africa and 34 per cent global average,’ she said.
She, however, urged the government to look at youths and see into what will make them thrive.
‘Looking at age, we have high youth population which inturn is innovation and energy.’
Similarly, Dr Olufunmi Adegbile, Managing Director, Royal Spices Planner and Managers, said that business is not about products or profits alone but the people.
Adegbile said that business is giving good customer service to people at all times.
‘Giving each job or service the utmost best at all times should be top tier, the quality of your service would determine how far you would go and what you will attain,’ she said.
Former Director of the University of Ibadan School of Business, Professor Adenike Osofisan, said that when establishing the school there was no school in the world that covered the syllabus they wanted to start with.
Osofisan said that other business schools were offering one of a few of what we wanted to start, non had all courses we were establishing.
‘We established this school with focus on what we depend on in Nigeria asides course that MBA is used to.
‘This school was the first to be accredited by National University Commission. We’re collaborating with IITA with respect to agriculture business, where students are going there for lectures and practical lessons,” she said.