Some of the challenges encountered by the sector includes unaudited financial statements, multiplicity of taxes, lack of skilled manpower, faulty business structure, lack of business development plan, high illiteracy level, high cost of doing business, lack of insurance policy among others.
This is even as experts implored MSMEs entrepreneurs to adopt insurance as a viable tool to guard them against failure stating that when incidences occur, it directly affects the productivity of the sector with ripple effects on economic projections such that it causes job losses and debt overhang.
He explained that the current economic situation has affected spending priorities among many businesses, including SMEs which could be a factor while Many businesses are struggling with basic survival as an enterprise. Lending a voice to the discourse, The National President, Association of Small Business Owners of Nigeria Dr. Femi Egbesola, said there is a lack of faith in the insurance industry adding that many Insurance companies have not lived up to their promises and expectations.
Continuing, he said one single policy should cover the major incidences and sectors and this will see to ensure it covers all the critical issues concerning the risk sectors of the SMEs. The ASBON President suggested that there should channels where to lay complains which could be a public office where complains are laid to enable insurance companies sit tight whenever they underpay claims or do not pay claims.
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