National Small Business Day: TAN Abia Boss, Aruoma Highlights Importance of SMEs to Economy
Oru Leonard
The President of the Traders Association of Nigeria TAN Abia State chapter, Chief Chidi Nkem Aruoma, has called for stronger institutional support for small businesses across Nigeria, describing local enterprises as critical drivers of employment, innovation and community development.
Speaking in a WhatsApp interaction with journalists ahead of National Small Business Day, Aruoma said the global message behind the annual observance remains highly relevant to Nigeria despite the day not being officially recognised in the country. He urged governments at all levels, organised private sector groups, labour unions, chambers of commerce, industry, mines and agriculture, as well as financial institutions, to deepen support mechanisms for entrepreneurs and small scale enterprises.
The TAN Abia chairman noted that small businesses continue to sustain millions of families through trade, manufacturing, services and agriculture, while also contributing significantly to economic resilience in difficult times. According to him, many local enterprises survive under challenging operating conditions including limited access to finance, rising production costs, multiple taxation and infrastructure deficits.
Aruoma commended the efforts of the administration of Alex Otti in creating a more business friendly environment in Abia State through infrastructure renewal, improved market access and economic reforms aimed at boosting commercial activities. He also acknowledged ongoing economic and enterprise support initiatives of the administration of Bola Ahmed Tinubu, while encouraging further policy measures that would make it easier for small businesses to thrive nationwide.
He stressed that the philosophy behind National Small Business Day offers lessons that can be replicated in Nigeria, particularly in promoting local production, entrepreneurship and community based economic development. He recommended improved access to affordable credit facilities, tax incentives for start ups, digital literacy programmes for traders, simplified regulatory procedures and stronger partnerships between government agencies and the private sector.
The business leader explained that small enterprises remain central to economic growth globally because they generate employment opportunities, stimulate innovation and strengthen local supply chains. He said supporting indigenous businesses would not only reduce unemployment but also expand economic participation among youths and women.
National Small Business Day is celebrated annually in several countries to recognise the impact of small enterprises on local and national economies. The observance highlights the resilience of entrepreneurs who provide goods, services and employment opportunities while sustaining communities through innovation and enterprise.
Historical records show that global recognition for small business development expanded significantly after the establishment of the United States Small Business Administration in 1953. Since then, international institutions and economic blocs have increasingly acknowledged small and medium sized enterprises as essential contributors to inclusive growth, poverty reduction and sustainable development.
Economic experts have consistently identified access to financing as one of the greatest obstacles facing small businesses worldwide. Studies from international development agencies and financial institutions indicate that many small firms struggle with limited capital, high compliance costs and market competition, factors that often affect long term survival rates.
Despite these challenges, small businesses continue to play a major role in job creation across many economies. Analysts say independent enterprises contribute significantly to local wealth circulation because spending within neighbourhood businesses often supports local employment, services and community investments.
Aruoma encouraged consumers to support locally owned businesses beyond occasional patronage by promoting them through social media, recommending their services and purchasing locally produced goods whenever possible. He also urged aspiring entrepreneurs to embrace innovation, adaptability and continuous learning in building sustainable enterprises.
He maintained that strengthening Nigeria’s small business ecosystem would improve economic diversification and help communities become more self reliant in an increasingly competitive global economy.
