SMEs can help grow the economy-expert


Entrepreneurs must utilise business opportunities that are aimed at contributing towards the growth of the economy, financial expert Noel Lungu has said.

Mr Lungu said the just ended Nyamuka business conference was a step ahead to the economic growth of Zambia and that entrepreneurs should support the idea.

He said once entrepreneurs were provided with the building blocks to move their businesses to the next level, it mean that their enterprises would be transformed sustainably and in the process jobs would be created and contribute towards the growth of the country’s economy.

He said small and medium enterprises (SMEs) were the engine for the growth of Zambia, adding that strides in making logistics more accessible to them was vital in the growth process.

Mr Lungu said lack of a convincing business plan was one of the main reasons why entrepreneurs failed to get financial support for their businesses.

He said small and medium enterprise sector had been recognised as critical to the economic growth of Zambia through creation of employment with a trickle-down effect on GDP growth.

“Investing into the SME sector will address some of the challenges such as markets and business infrastructure, among others,” he said.

Mr Lungu further saw the need to revamp the agricultural sector through motivating farmers with economic producer prices and other incentives so that many people could join farming as a business career.

He said there were a lot of innovative skills that were made available to farmers to improve the agriculture sector through diversification.

Nyamuka Zambia under the Private Enterprise Programme in Zambia last week organised a national business conference which provided entrepreneurs with the building blocks to move their businesses to the next level and transform them into sustainable enterprises that would create jobs, wealth, and contribute towards the growth of Zambian economy.

The Private Enterprise Programme-Zambia (PEP-Z) is a five-year project funded by the UK Government’s Department for International Development (DFID) that aims to build and strengthen the capacity of Zambian micro, small and medium enterprises (MSMEs) in the private sector to create jobs and contribute to the diversification of the economy.