SME in Nigeria; SME marketing toolkit for small and medium enterprises

SME in Nigeria – One thing one must consider when it comes to industrial and economic revolution is the adequate consideration of all sectors of the economy for simultaneous growth which will in its own pace and itself beget a better economy.

This is the consideration of Central Bank of Nigeria when it came up with the idea of small and medium scale enterprises also known as small and medium enterprises or simply SME.

The aim is to circulate enough fund in business that has the potential to reach a certain threshold but could not if allowed to do it on their own financial strength alone.

To further understand the topic SME in Nigeria, the following will form our course outline on the topic:

1. What is small and medium enterprises in Nigeria? (SME is)?
2. What are the categories of small and medium enterprises?
3. What are the importance of small and medium scale enterprises?
4. SME Company list
5. SME toolkit one must know
6. SME Website for today SME information

What is small and medium enterprises in Nigeria?
By CBN definition, SME in Nigeria is a nomenclature for business entities at the bottom and at the middle of Nigeria Business economy whose purse is small but has high business expectation and as such cannot make an annual turnover of N600m.

This shows that the business entities considered here are business from annual turnover of N0.00 to N600m which agrees with the definition of the individual words used here i.e. “Small and medium”.

With this understanding, let move to the next step of this lecture which is…

What are the categories of small and medium enterprises?

Many business entities could fall into this category. It all depends on the annual turnover.

Provided that the turnover of the business in question is does not exceed N600m, it is eligible to be considered as SME.

The categories that fall under this small and medium scale enterprises also known as small and medium enterprises or simply SME are:

1. Corporate liability companies belonging to importers of not more than 20 containers
2. Enterprise and Sole Proprietorship companies belonging to importers of not more than 20 containers
3. Contractors
4. Merchants
5. Vendors
6. Other businesses that fall under the above turnover plan.

What are the importance of small and medium scale enterprises?

Let’s not misunderstand this section so that we won’t muddle things up.

Small and medium scale enterprises also known as small and medium enterprises or simply SME is just like a farm land that has the capacity of producing a lot of fruits, food crops and cash crops if it is well taken care of or if well invested in.

In that capacity. SME represent those small businesses that forms the soul of retail business without which the corporate entities cannot penetrate the grass root buyers.

These people requires funding like CBN loan for SMEs for them to grow because any economy without a healthy SME risks economic recession.

So now you can see the importance of SME loans or funding and CBN SME Foreign exchange intervention fund which we shall discuss later.

This is what gave birth to thing like:

1. The concept of SME Project
2. The concept of SME Fund
3. The concept of SME Marketing

SME Company list

As we listed earlier, the SME Company list are:

1. Corporate liability companies belonging to importers of not more than 20 containers
2. Enterprise and Sole Proprietorship companies belonging to importers of not more than 20 containers
3. Contractors
4. Merchants
5. Vendors
6. Other businesses that fall under the above turnover plan of not more than N600m.

SME toolkit one must know

SME Website for today SME information

The information we provided here on SME is valid but if case you need additional information. Please contact SMEDAN website.

We referred them in this piece of article because they have no other business except SME.

Conclusion:

SME in Nigeria is an aspect of economy that has been neglected by many economies. Most economy that did that today are suffering from it.

Japan lost its economic position to China because they neglected this great goldmine and china was able to grow economically such that they are now the global leading economy because they boost their SME.

It all lies on you. Arise and do the wise thing today.