Sterling Bank Advises SMEs On Risk Management

The Executive Director, Finance and Strategy, Sterling Bank Plc, Mr. Abubakar Suleiman, has advised Small and Medium Enterprises operators to ensure proper risk identification, assessment and analysis with a focus on minimising revenue loss for continued business survival.
Suleiman, who spoke at the 10th Annual CEOs Forum organised by LEAP Africa in Lagos, said a vibrant SME sector would help the nation to achieve accelerated economic growth.
The forum was themed, ‘Staying ahead: Maximising profit and mitigating risk.’
The bank in a statement said it would continue to support SMEs in the country as they constitute over 90 per cent of businesses in the country.
Suleiman said, “We are totally focused on the growth of SMEs in the country and we will continue to assist in taking their businesses to another level.
“The process for transforming SMEs to become bigger players and a key part of national development does not start and end with finance. A huge part of it starts with education.”
The Sterling Bank director, while asking SME operators to ensure that their risk profile is adequately assessed, advised them to improve on their reporting standards and the day-to-day management of their organisations.
He told entrepreneurs present at the forum how economic awareness could help them to mitigate risks associated with foreign exchange fluctuations.
He was also of the opinion that the type of education provided for SMEs needed to be improved.
“Nigeria still has a lot to do and a long way to go when it comes to our legal environment, the process of securing approvals and setting up businesses”, he added.

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