Micro Small and Medium Enterprises (MSMEs) who found themselves choked up during economic crisis should never give up, says Mr Ade Adebajo, an investment banker and CEO of UT Financial Services.
According to him, achieving breakthrough should be their main focus during such period to make them remain in business.
At an unveiling of his company’s subsidiary in Lagos, the Accra-based entrepreneur, gave hints on how they can make it in their ventures.
As a CEO of UT Financial Services, I am very passionate about Micro, Small and Medium Enterprises (MSMEs).My advice to them is that they shouldn’t give up. As I mentioned earlier on the economy, when the economy is low, there is still an area you can tap into to benefit. I would want the SMEs to watch out for opportunities even in dwindling economy. Such economy will not witness downturn for ever. And they can tap into those potential around them SMEs should continue to strive; I believe they should continue to look for funding. They should not lose hope. It is only by seeking funding that they can achieve their dream. One of the things that kill business is when the cost of funding is too expensive. Most importantly, they shouldn’t lose hope because of the poor state of the economy. It is a phase that will pass.
The fact that CBN just cut its interest rate supports what I was saying. That is why I was telling you that we are beginning to see the end of gloomy economy. That is a right step in the right direction. You know that I mentioned to you about the cost of borrowing. It is going to come down now.MSMEs would thrive now. You will see the economy coming out strong. That is what we have been waiting for. The rate should come down further. I think they should do a little more.
We are here to celebrate the launching of Bourbon House Café in Lagos Nigeria. We have three branches of Bourbon House Café in Accra, Ghana. We feel the time is ripe to start building the brand also in Lagos, Nigeria, because It is the brand we want to grow all over Africa and the World. This is the first one in Nigeria.
First and foremost, I believe that food is important. Even when you talk about the economy, I believe we are going to pass that stage now. The present government has been re-elected. I believe there would be changes. And I thought that very soon, Nigeria’s economy would improve. That was why we set up this one here. The economy is not going to be down for ever. We have crossed the worst part of it. And I think that there would be improvement. We have positioned ourselves to benefit from the improvement that we see that is coming.
The truth is that competition is around here. We have other restaurants. But I also believe that competition is good. It helps everybody to improve .So what we have done is that we have created a brand that has blended both continental and a bit of traditional dishes. So we are not one sided. That is the edge we have over the rest of the food places here. We also have a brand of coffee that surpasses those other brands in taste, particularly in Lagos. And our prices are extremely reasonable for what we offer. We have competitors here in others. But we have positioned ourselves to rise above these competitors.