Small and medium-scale enterprises, SMEs in Lagos have been urged to adopt digital tools, strengthen financial record-keeping and improve cost management to remain competitive amid rising operating expenses and other business challenges.
The call was made at the third edition of Fidelity Bank Plc’s SME Quarterly Business Forum in Lagos, which focused on strategies for sustainable business growth under the theme, “Build to Compete: Positioning Lagos Businesses for Sustainable Growth.”
Regional Bank Head, Ikeja, Fidelity Bank, Jude Monye, who represented the Executive Director, Lagos and South-West, Ken Opara, said businesses needed reliable products, consistent service, efficient inventory control and a clear understanding of customer needs to compete effectively.
He identified rising operating costs, intense competition, changing consumer preferences, infrastructure limitations and working capital constraints as challenges confronting businesses in Lagos.
“Building a competitive business in this environment requires more than ambition. It requires reliable products, consistent service, proper records, disciplined cost management, efficient inventory control and a deep understanding of customers,” Monye said.
He said digital tools could help entrepreneurs monitor sales, inventory, expenses and profitability, enabling them to make informed business decisions.
Monye also stressed the importance of maintaining accurate financial records and separating personal finances from business accounts, noting that these practices could improve sustainability and access to financing.
Divisional Head, SME Banking at Fidelity Bank, Ugochi Osinigwe, said the forum provided a platform for entrepreneurs to share knowledge, build networks and explore opportunities to expand their businesses.
She encouraged operators in trade, manufacturing, maritime and logistics, technology, hospitality, financial services and the creative industry to explore the bank’s financing solutions, advisory services and strategic partnerships.
Also speaking, Head of Audit, Surulere Division, Nigeria Revenue Service, Ibrahim Olalere, urged business owners to maintain accurate records and understand their tax obligations to improve operational efficiency and avoid compliance challenges.
Managing Director and Chief Executive Officer of Emosh Foods, Oshiokpelua Osiga, said access to information, financing and business networks was essential for entrepreneurs seeking to scale their operations sustainably.
The forum brought together business owners, industry experts and representatives of the Nigeria Revenue Service to discuss digital innovation, financial management, trade financing and regulatory compliance.