The Africa SME Assembly 2024: Empowering the Backbone of Africa’s Economy
Lagos, Nigeria —the metropolis where the spirit of entrepreneurship thrives will become the epicenter of Africa’s small and medium-sized enterprises (SMEs). The J.F. Ade. Ajayi Auditorium (University of Lagos) will host the much-anticipated Africa SME Assembly tomorrow, March 29th and 30th, 2024.
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This assembly isn’t just another event on the calendar; it’s a transformative platform aimed at empowering young entrepreneurs, particularly women and young people. And it’s aimed at uniting stakeholders to propel the growth of SMEs across the continent.
With its theme, “Unlocking Growth Opportunities for SMEs,” the assembly underscores the critical role these enterprises play in Africa’s economic landscape.
At the helm of this initiative is Mr. Treasure Enyinnaya, the Convener of the Africa SME Assembly, who stresses the vital role SMEs play in job creation, constituting a staggering 80 percent of employment opportunities on the continent.
Enyinnaya who was recently interviewed in the Obehi podcast emphasizes that empowering SMEs is not merely about economic growth but also about fostering socio-economic development, poverty reduction, and inclusive prosperity.
The assembly aims to address the myriad challenges facing SMEs in Africa, from restrictive policies to limited technological adoption and funding constraints.
Co-convener Abaz Ibekwe who prides himself on bridging the gap between innovators and investors in Africa draws inspiration from successful initiatives like the European SME Assembly, highlighting the need for similar support structures in Africa.
In Nigeria, a country emblematic of both the opportunities and obstacles SMEs encounter, Monalisa Agbata, another Co-convener who helps organizations to build revenue growth sheds light on the harsh realities faced by entrepreneurs amidst economic downturns and policy hurdles.
Issues such as multiple taxation and insecurity have exacerbated challenges, leading to increased unemployment and a decline in GDP. And these are some of the things that hurt African SMEs.
Key figures from across the continent, including former Governor of Anambra State, Mr. Peter Obi, and executives from organizations like the East Africa Business Council and the Nigerian American Chamber of Commerce, will converge to share insights and experiences.
See also Peter Obi and The Role Of Youths In Shaping The Future Of Nigeria
These high-profile speakers will engage in discussions aimed at fostering collaboration among SMEs and building an inclusive economy that drives growth.
The assembly isn’t just about dialogue; it’s about action. Through networking opportunities, bilateral trade agreements, and knowledge-sharing sessions, SMEs will gain access to new markets, funding opportunities, and invaluable expertise.
Moreover, the launch of the Africa SME Council and Africa SME Capital aims to enhance foreign direct investment in the sector, providing much-needed financial support and creating an enabling environment for entrepreneurial success.
From the corridors of academia to the bustling streets of commerce, the Africa SME Assembly represents a pillar of hope for millions of aspiring entrepreneurs across the continent. Are there some tips for the success of African SMEs? Let’s think about it.
Three key secrets to the success of African SMEs
The success of SMEs in Africa can be attributed to several factors, but three key secrets stand out for consideration:
Resilience and Adaptability:
SMEs in Africa often operate in dynamic and challenging environments marked by economic volatility, regulatory hurdles, and infrastructure limitations. Despite these challenges, successful SMEs exhibit remarkable resilience and adaptability. Check out this forges article: Why Adaptability Is Key To Your Business’s Success.
They are adept at navigating uncertainties, seizing opportunities, and pivoting their business models when necessary.
Whether it’s finding innovative ways to access markets, leveraging digital technologies for efficiency, or diversifying product offerings, resilient SMEs in Africa demonstrate a capacity to weather storms and emerge stronger.
Local Knowledge and Contextual Understanding:
One of the critical advantages SMEs in Africa possess is their deep-rooted understanding of local markets, cultures, and consumer preferences.
Unlike larger multinational corporations, SMEs are often founded and operated by entrepreneurs with intimate knowledge of their communities.
This local insight enables SMEs to tailor their products and services to meet the specific needs of their target audience, fostering customer loyalty and market penetration.
See the following article to learn more about customer and loyalty – The Importance Of Customer-Centric Storytelling For Businesses – The Business Storytelling Series
SMEs must learn to leverage their networks and relationships within the community to build trust, gain market intelligence, and forge strategic partnerships. This will further enhance their competitive edge.
Innovative Financing and Resource Optimization:
Access to finance remains a significant challenge for SMEs in Africa due to limited formal banking services and stringent lending requirements. However, successful SMEs have learned to innovate and diversify their sources of funding.
Recently, we interviewed Bill Huston, a Kentucky-based co-founder and chief crowdfunding officer of Raiseway about the right tips and strategies to crowdfund your business. You might consider checking out the interview on our YouTube channel: Understanding The Right Tips And Strategies to Crowdfund Your Business With Bill Huston
From bootstrapping and microfinance to crowdfunding and angel investments, serious entrepreneurs can employ creative financing strategies to fuel their growth and expansion.
Moreover, SMEs in Africa can excel at resource optimization, making the most of limited financial resources, human capital, and technological infrastructure. Some of these might be challenges. We understand that, but they are not impossible.
So, SMEs should prioritize cost-effective solutions, embrace frugality, and invest strategically in areas that drive tangible returns. This will enable them to achieve sustainable growth and profitability in the long run.
These three key tips underscore the success of SMEs in Africa and serve as guiding principles for aspiring entrepreneurs who are looking to thrive in the continent’s dynamic business landscape.
So, join the delegates who will gather in Lagos tomorrow, because they do so with a shared vision: to unlock the full potential of SMEs and pave the way for a brighter, more prosperous Africa.
Want to learn more about storytelling? Start by downloading the first chapter of The Storytelling Mastery.
