THE FG SHOULD STOP EMPOWERING SMEs

Before you question my perspective, let’s consider the Federal Government's longstanding strategy of funding Small and Medium Enterprises (SMEs) as a way of alleviating poverty– a strategy that, from the era of Obasanjo to Buhari, has not proven to be effective.

What could Asiwaju Bola Ahmed Tinubu do differently?

The answer lies in learning from the Igbo people’s system of wealth creation. The former Vice President, Professor Yemi Osinbajo, acknowledged the potential of the Igbo artisan system as a powerful wealth creation tool if correctly harnessed.

In the Igbo system, an artisan is rewarded with millions of naira or a fully stocked shop with all necessary start-up equipment or goods after 5-7 years of service. This artisan, in turn, passes on the same benefits to other artisans, creating a sustainable cycle of wealth and opportunity.

Contrastingly, in the Yoruba system, it is the responsibility of the artisan's parent to pay for their child's education and training. After graduation, parents are again burdened with substantial graduation fees, and many of these trained individuals end up as commercial drivers due to a lack of funds to start their own businesses.

Where can the government step in?

The Federal Government should make business registration more appealing and introduce an "artisan insurance" policy for every SME that employs artisans. Of the government support funds, 60% should be directed towards this insurance, while the remaining 40% should go to the business owner.

SME owners should commit to a monthly contribution to this insurance plan until the artisan graduates. Artisans should be incentivized to learn from registered businesses to take advantage of this benefit. This approach will lead to more businesses employing artisans, thereby creating more tax revenues for the government – a win-win situation for all parties involved.

I am of the firm belief that wealth creation can be achieved more efficiently through this method, rather than directly funding SMEs. I'm interested in hearing your thoughts on this.

Source: https://twitter.com/IamBatified/status/1682377428058947584?t=5sFyJ7xno_EsQCfkxAMqwg&s=19

Nonsense, Government should just do it's job and create an enabling environment for businesses to thrive.
All these funding and palliatives nonsense is just an avenue to embezzle money

Which kind of bunkum be this?

BATified23:
THE FG SHOULD STOP EMPOWERING SMEs

Before you question my perspective, let’s consider the Federal Government's longstanding strategy of funding Small and Medium Enterprises (SMEs) as a way of alleviating poverty– a strategy that, from the era of Obasanjo to Buhari, has not proven to be effective.

What could Asiwaju Bola Ahmed Tinubu do differently?

The answer lies in learning from the Igbo people’s system of wealth creation. The former Vice President, Professor Yemi Osinbajo, acknowledged the potential of the Igbo artisan system as a powerful wealth creation tool if correctly harnessed.

In the Igbo system, an artisan is rewarded with millions of naira or a fully stocked shop with all necessary start-up equipment or goods after 5-7 years of service. This artisan, in turn, passes on the same benefits to other artisans, creating a sustainable cycle of wealth and opportunity.

Contrastingly, in the Yoruba system, it is the responsibility of the artisan's parent to pay for their child's education and training. After graduation, parents are again burdened with substantial graduation fees, and many of these trained individuals end up as commercial drivers due to a lack of funds to start their own businesses.

Where can the government step in?

The Federal Government should make business registration more appealing and introduce an "artisan insurance" policy for every SME that employs artisans. Of the government support funds, 60% should be directed towards this insurance, while the remaining 40% should go to the business owner.

SME owners should commit to a monthly contribution to this insurance plan until the artisan graduates. Artisans should be incentivized to learn from registered businesses to take advantage of this benefit. This approach will lead to more businesses employing artisans, thereby creating more tax revenues for the government – a win-win situation for all parties involved.

I am of the firm belief that wealth creation can be achieved more efficiently through this method, rather than directly funding SMEs. I'm interested in hearing your thoughts on this.

Source: https://twitter.com/IamBatified/status/1682377428058947584?t=5sFyJ7xno_EsQCfkxAMqwg&s=19

Government giving loans to SMEs doesn't work because government don't know how to give loans

Give the loan fo banks and let them banks agree the loan would be used in specific sectors for specific people

Then let them banks do what they know how to do best

Even fellow Agbado robot like helinues tire for your nonsense

Unago C. Shege

mrvitalis:

Government giving loans to SMEs doesn't work because government don't know how to give loans

Give the loan fo banks and let them banks agree the loan would be used in specific sectors for specific people

Then let them banks do what they know how to do best

How sure are you that sme dont work?

The igbo apprentice system i know deals more with imported buy and sell kind of goods that will not be good for our economy.

tollyboy5:

How sure are you that sme dont work?

The igbo apprentice system i know deals more with imported buy and sell kind of goods that will not be good for our economy.

SMEs work... But leaving government to select which SMEs to give loan is obviously going to be corrupt

Loan the money to bank say at 3% interest rate

Then banks look for SMEs to give the loan at 10% interest rate

But for it to make any meaning to our economy the SMEs has to be either import substitute or produce export orientated products at international competitive price

mrvitalis:

SMEs work... But leaving government to select which SMEs to give loan is obviously going to be corrupt

Loan the money to bank say at 3% interest rate

Then banks look for SMEs to give the loan at 10% interest rate

But for it to make any meaning to our economy the SMEs has to be either import substitute or produce export orientated products at international competitive price

Don't you think people won't like the idea of going to bank?

BATified23:


Don't you think people won't like the idea of going to bank?

Which serious business man won't like the idea of going to bank ?

Criminals

Why not he stop paying salaries so that enough money can be available for you guys to embezzle

State capture is what you campaigned to come and do

And someone will argue that the Igbos are not the richest in the country..


Who ever invented this artisian concept for the Igbos Shud be celebrated..

If not for the this concept the Igbos would have been very poor today..

It also show the Igbos are generous people who love to see their people succeed.

Only people with big heart's will settle someone with millions after 5 - 7 years..

Truly Igbo Amaka..

Their bad side is for another day.

LikeAking:
And someone will argue that the Igbos are not the richest in the country..


Who ever invented this artisian concept for the Igbos Shud be celebrated..

If not for the this concept the Igbos would have been very poor today..

It also show the Igbos are generous people who love to see their people succeed.

Only people with big heart's will settle someone with millions after 5 - 7 years..

Truly Igbo Amaka..

Their bad side is for another day.

20 igbo traders may not worth 200 million naira. Guess how much each of the Mfb, insurance firms and manufacturing firms owned by the Yorùbás are worth. We have accorded you your respect in this post. Stop crossing dangerous lines that will hurt your tribe.

BATified23:


20 igbo traders may not worth 200 million naira. Guess how much each of the Mfb, insurance firms and manufacturing firms owned by the Yorùbás are worth. We have accorded you your respect in this post. Stop crossing dangerous lines that will hurt your tribe.

That's is not wealth..

It's criminality..

Exploitative capitalism.


The Igbos spread their wealth to the poor..

If all those Yoruba Micro finance bank owners give 5 million naira each to Yoruba youths, then they will create wealth.

The average Igbo business man settles his boys with millions, that's the way humans should live..

Nigerians need to emulate the Igbos..

Have you wondered how to took control of our commerce industry?

Na cooperation.

Something others lack.

No tribe has cheerful and benevolent like the Igbos to themselves..


Although they don't extend the same gesture to non Igbos.

.

LikeAking:


That's is not wealth..

It's criminality..

Exploitative capitalism.


The Igbos spread their wealth to the poor..

If all those Yoruba Micro finance bank owners give 5 million naira each to Yoruba youths, then they will create wealth.

The average Igbo business man settles his boys with millions, that's the way humans should live..

Nigerians need to emulate the Igbos..

Have you wondered how to took control of our commerce industry?

Na cooperation.

Something others lack.

No tribe has cheerful and benevolent like the Igbos to themselves..


Although they don't extend the same gesture to non Igbos.

You're right

Reno had to say this

In your nonsense brain entrepreneurship starts and ends with artisanship. I blame people who lie to you Igbos that you know how to do business. Buy and sell is what you called business. What do you want Chinese that you buy from now say?

Go to Oba Otudeko, Adenuga, and Otedola. Tell them to show you how to do business. What you Igbos do is self-employment not business.