FOREX EMERGES AS SIGNIFICANT HURDLE FOR SMEs IN THE 80% IMPORT-FOCUSED MEDICAL LAB AND EQUIPMENT INDUSTRY – ADEGBENGA ISMAIL

The Nigerian federal government has the potential to support entrepreneurs by stimulating the economy, facilitating accessible loans, and making substantial investments in education and technology – Adegbenga Ismail

Adegbenga Ismail Dare serves as the Chief Executive Officer at Lakelink Medical and Laboratory Limited, a company specializing in medical laboratory equipment, hospital equipment, general laboratory setup installations, training, and laboratory furniture.

In an interview with Tobi Adetunji, Mr. Dare discussed the challenges facing entrepreneurship in Nigeria. He emphasized the importance of the federal government implementing business-friendly policies to support business owners and urged massive investments in education and technology.

When asked about Lakelink Medical and Laboratory Limited, Mr. Dare explained that the company is involved in various aspects of the laboratory and equipment business, dealing with medical laboratory equipment, hospital equipment, laboratory setup installations, training, and laboratory furniture.

Mr. Dare, who has been in the business since 2008, highlighted some major deals the company has undertaken, including collaborations with institutions like Kwara State University, Lagos State Polytechnic (now Lagos State University of Technology), and Covenant University in Ota, Ogun State. The company has played a role in setting up laboratories, providing equipment, and facilitating training.

Discussing the importance of training in the profession, Mr. Dare emphasized the need for knowledge and practical experience. He shared his educational background in Science Laboratory Technology and Microbiology, underscoring the value of industrial training to gain practical insights into the business aspects of the job.

Addressing the challenges, Mr. Dare identified unfavorable economic policies, especially in terms of forex, as a major obstacle. With about 80% of the business relying on imports, fluctuations in exchange rates significantly impact the company. Limited access to loans for small and medium-sized enterprises (SMEs) in Nigeria further compounds the challenges.

To aid SMEs, Mr. Dare suggested that the government stimulate the economic system, address exchange rate issues, and establish institutions to regulate the industry. This, he believes, would enable entrepreneurs to access loans at reasonable interest rates and run their businesses successfully.

Regarding Nigeria’s potential as a manufacturing hub, Mr. Dare acknowledged the country’s capacity but highlighted the need for technological advancement. He pointed out that successful manufacturing hubs are born out of societies that prioritize technological development and invest in research.

In offering advice to entrepreneurs, Mr. Dare emphasized the importance of hard work, continuous learning, and the understanding that success requires more than academic certificates. He urged entrepreneurs to instill these values in the younger generation for future success.

(Image Source: Google Search Engine)|Adegbenga Ismail Dare, CEO Lakelink Medical and Laboratory Limited

From Tobi Adetunji; The New Source: Techeconomy