<p>“Entrepreneurship is often used interchangeably with MSMEs. Entrepreneurship is not just about starting a business, or spinning out a company from research. It&#8217;s a mindset or a way of thinking. It is the ability to think and do things differently.”</p>



<p>This definition by  ;Dr. ;Dikko ;Umaru
Radda,  ;the Director General and Chief Executive Officer of Small
and Medium Enterprises Development Agency of Nigeria (SMEDAN), essentially set
the tone of conversation at the March 2020 Breakfast Meeting organized by Nigerian-American
Chamber of Commerce, with a  ;theme: “Sustainable
Entrepreneurship- A Win-Win Strategy for the Future” which held at the Lagos Continental
Hotel, Victoria island on 19th march 2020.</p>



<p>Radda, who was the guest
speaker, emphasized the spirit and letters of entrepreneurship which
encapsulate the liberty to work and earn salary as well as “exploit that knowledge
to create new opportunities,” provided the individual concerned  ;shares ideas freely and  ;think outside  ;the box either as core serial entrepreneur who
has developed a range of business ideas, or the social entrepreneur using
technology to empower a target group, or artists using their work to raise
awareness for  ;social injustice. </p>



<p>Despite the glaring merits
 ;of MSMEs in employment generation, technological
innovation and  ;opportunities for Foreign
Direct Investment (FDI)as well as improved standard of living, the DG  ;expressed concerns about the sector which has
been technically hampered by  ;discouraging
83.5 % inadequate power and water supply;  ;67.9% funding deficit and 54.6%  ;transport hazards including 57.9% insecurity.</p>



<p>Highlighting MSMEs 2017-2018
data spread Nigeria, Radda pointed out that  ;Lagos has  ;11.5% of the total 41,543,028 MSMEs in the
county followed by  ;Oyo with  ;8.4%, ; Osun
 ;4.1%, Yobe  ;0.1%, Bayelsa  ;0.4% and Borno  ;0.7%.  ;He
noted that despite the somewhat discouraging factors, MSMEs  ;contribute 49.78% to the GDP and 7.64% to
export.</p>



<p>He therefore called  ;on stakeholders ; to muster  ;all the supports it can for the sector to  ;survive  ;in this era of open markets, competition and
global economic crisis. He  ;promised that
SMEDAN will continue to support strategic and sustainable entrepreneurship as
it is the only guaranteed strategy for economic development. </p>



<p>“They are major economic growth
driver-supporting sector that not only contribute significantly to improve
living standards, but also bring substantial local capital formation and are
responsible for driving innovation and competition in developing economics,” he
said.</p>



<p>Earlier,
in his welcome address, National President of NACC, Otunba Oluwatoyin Akomolafe noted that “the theme
comes at the right time as the country’s economy is affected due to the fall in
crude oil price globally and the rising inflation orchestrated by current
global health challenges.”</p>



<p>He however reminded the
guests that entrepreneurship for sustainable development is supposed to result
in more than economic prosperity, adding that sustainable entrepreneurs
endeavor to manage the “triple bottom line” of balancing economic health, social
equity, and environmental resilience through  ;entrepreneurial demeanor.”</p>

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