A Professor of Business Administration, Prof. Oluseyi Oduyoye from Babcock University, has called on the Federal Government to support small businesses devastated by the COVID-19 pandemic.
Oduyoye stated this at Ilishan-Remo, Ogun while delivering the Babcock University’s 33rd inaugural lecture at the university’s Business School main auditorium on Sunday night.
This is contained in a press release on Monday made available to the News Agency of Nigeria (NAN) signed by Dr. Joshua Suleiman, Babcock’s Director of Marketing and Communication.
Delivering his lecture titled, “From the Small Business to Big Business: A Future with Little Hope”, Oduyoye noted that many small businesses were unlikely to recover from losses from COVID-19 lockdown if government did not come to their aid.
He called on the Central Bank of Nigeria to assist the small businesses from the much publicized N50 billion support fund set aside for distribution to businesses in need of lifelines for sustainability and growth.
Oduyoye also urged deposit banks and insurance companies to strengthen SMEs through renegotiation of contract terms and affordable minimal premiums following economic setbacks occasioned caused by COVID-19.
He noted that small businesses could become big companies if they were fortified with values of integrity, customer focus, openness and the fear of God.
“Starting small but having the eyes on the big picture should always be the focus of the typical small business owner,” Oduyoye stated.
He also recommended networking with more experienced individuals in the industry to gain the needed leverage for growth.
Oduyoye thanked the leadership of the Seventh-Day Adventist Church, his family and the Ilishan Development Association for his achievements.
He attributed the collapse of many businesses to lack of integrity and absence of the fear of God.
“Anything done without integrity cannot stand.
“The lack of integrity and the love for quick money and shady deals is the bane of long-term growth of these small businesses,” Oduyoye said.
He lamented the fact that internet fraud popularly known as Yahoo-yahoo had taken over while integrity had been relegated to the background causing the nation to “bleed.”
“For aspiring small business owners who have the ambition of becoming big players in the future, the qualities of integrity and customer satisfaction are key attributes of success,” Oduyoye said. (NAN)
