Awareness andeffectiveness of government support While the majority of the entrepreneurs surveyed (51%) indicate that they are aware of state support, they have not found them to be adequate inmeeting their current needs. Almost a quarter of them are unaware of any support whatsoever being available to them.
Yes, and they are proving effective (12%)
I am not aware of any government support or strategies for specific industry sectors (22%)
Fig. Awareness and effectiveness of current government support
No there are none or not effective enough (15%)
Yes, there are but not sufficient or effective enough (51%)
The experts who have contributed to this report have echoed these findings, stating that despite the immediate reassignment of funding for COVID-19, governments must look to do more to support SMEs in the short-term because they are critically important for economic development, job creation and value creation along supply chains. Dr. Anino Emuwa, Founder, Avandis Consulting, says that governments are fully aware that they need to intervene by providing incentives such as tax relief and capacity building support amongst others to accelerate innovation. She points to an example of a government initiative in Nigeria, Survivalfund.ng , which is aiding SMEs during COVID-19 with schemes to help meet critical payroll obligations, provide formalization support to register new businesses, and provide grants for SMEs to navigate during the pandemic. However, more of these initiatives are needed across the continent to address an immediate need among SMEs.
“African governments are reacting to the crisis, but they must do more to ensure funding and support are going to the businesses that really need it. COVID-19 has also createdopportunities for innovationandexpedited the adoptionof digital and virtual technologies – especially for fintech in payment services and in e-commerce. This is a time for close collaboration to achieve mutually beneficial goals. Policymakers must move into action to create enabling environments for homegrown innovations to thrive including the availability and cost of funding.”
Dr. Anino Emuwa Founder, Avandis Consulting
12
Made with FlippingBook Ebook Creator