February 16, 2018

Mr Suberu Ariboh, the Centre Manager, National Board for Technology Incubation (NBTI), Ilorin, on Friday said Small and Medium Enterprises (SMEs) held the key to the economic prosperity of any nation.

Ariboh said this in an interview with the News Agency of Nigeria (NAN) in Abuja.

“SMEs are the major employers of labour of most economies because they are able to employ a large number of people into their businesses.

“If we have 10 entrepreneurs that are into different types of production in Nigeria, we are into mixed incubation not mono-incubation.

“If entrepreneur `A’ has 10 employees, `B’ has 10, it means they have taken 20 people off the unemployment market.

“Look at that multiplier effect on the economy, SMEs is the key factor that determines the economy of any country but we know that in Nigeria it is not like that,’’ he said.

The centre manager said that funding of incubation centres was therefore critical because most of the board’s entrepreneurs started from the centre and had been creating jobs in their own ways.

He said adequate funding should also be given to the centres on research to further improve their products to meet the required standard.

“The challenge we are having is funding; for Technology Incubation Centres programmes to be very effective, funding is key.

“If you look at other countries, they give priority to research and development but in Nigeria we don’t, rather Nigeria has become a dumping ground.

“We don’t have a product of our own because research institutions are not adequately funded and SMEs can improve on their products to make more sales and employ more people through research.’’

He called on government to assist research institutes with funds to boost activities at NBTI incubation centres for increased productivity.

Ariboh urged Nigerians to patronise made in Nigeria goods, saying it was the only way to encourage SMEs and accelerate economic growth of the nation.