Chairman of the Students’ Chamber of Commerce, Ambassador Victor Adetolaju, has called for intentional leadership, structural reforms and expanded access to finance to unlock the growth potential of Micro, Small and Medium Enterprises (MSMEs) in Nigeria.
Adetolaju made the call while speaking on the role of small businesses in driving economic growth, job creation and national development, stressing that despite their importance, many Nigerian enterprises continue to struggle due to systemic challenges.
According to him, MSMEs account for about 90 per cent of businesses globally and contribute significantly to employment generation, yet many businesses in Nigeria fail within their first five years because of limited access to funding, weak institutional support and policy inconsistencies.
He noted that government interventions aimed at supporting entrepreneurs remain inadequate when measured against the country’s growing population and economic needs.
“The federal government cannot continue operating programmes that reach only thousands when the country requires interventions that impact millions,” he said.
The youth development strategist identified the widening credit gap as one of the major obstacles confronting entrepreneurs, arguing that high lending rates and stringent collateral requirements have made it difficult for many small businesses to access the capital needed for expansion.
Beyond financing, Adetolaju said Nigeria faces a leadership challenge that requires deliberate investment in developing future leaders capable of driving sustainable economic transformation.
He urged policymakers to strengthen the link between education and industry by aligning academic curricula with market realities and workforce demands.
According to him, such reforms would equip graduates with practical skills and reduce unemployment while supporting local enterprise development.
Addressing the growing trend of youth emigration, popularly known as “japa,” Adetolaju encouraged young Nigerians to identify opportunities within the country and contribute to national development.
He cited the success of indigenous technology companies as evidence that local innovation can thrive when entrepreneurs focus on solving domestic challenges.
“Nigeria needs its young people to play their role in building the economy and creating solutions that address local problems,” he said.
The workforce development adviser also urged entrepreneurs to adopt global best practices while building businesses that respond to local realities, noting that resilience and innovation remain critical to long-term success.
As Nigeria’s population is projected to rise significantly by 2050, Adetolaju emphasized the need for long-term planning and institutional frameworks capable of supporting economic growth at scale.
He called for stronger collaboration among government agencies, private sector stakeholders and young people to create an enabling environment for enterprise development.
According to him, building a sustainable and competitive economy will depend largely on the country’s ability to nurture small businesses and transform them into engines of growth.