SME Growth: Dr. Seyefar Clement Backs Kestin Pondi Foundation, Calls for Active SSDC
By The Liberator Newspapers
As Nigeria commemorates World SMEs Day, international finance expert, Principal Lecturer at the University of Bedfordshire, and Fellow of the Higher Education Academy (FHEA), Dr. Seyefar Clement, has identified stronger private sector participation and a fully operational South South Development Commission (SSDC) as two critical pillars for unlocking the immense potential of Small and Medium Enterprises (SMEs) in Nigeria.
In this exclusive interview with The Liberator Newspapers, Dr. Clement speaks extensively on the importance of SMEs to Nigeria’s economy, the challenges limiting their growth, the impact of private sector initiatives such as the Kestin Pondi Foundation, the need to fully activate the SSDC, and the policy reforms required to transform small businesses into sustainable engines of national economic prosperity.
The Liberator Newspapers: Dr. Clement, today Nigeria joins the global community to commemorate World SMEs Day. Looking at the current economic climate, how crucial are small and medium enterprises to the nation’s recovery and long-term economic stability?
Dr. Seyefar Clement: They are the literal backbone. When we look at sustainable economic development, we cannot ignore the sheer volume of economic activity generated by small businesses. In Nigeria, SMEs make up the vast majority of businesses and employ millions of our citizens. They are the engines of innovation, youth empowerment, and wealth creation. However, their potential remains largely locked because we treat them as passive actors rather than the primary drivers of national prosperity. If we want true economic stability, our national and regional policies must reflect the critical nature of these enterprises.
The Liberator Newspapers: Your commentary specifically highlighted private sector initiatives, and you commended the Kestin Pondi Foundation. How exactly do foundations like this change the narrative for struggling entrepreneurs?
Dr. Seyefar Clement: The financing gap confronting Nigerian entrepreneurs is massive. Traditional commercial banks often demand collateral or impose interest rates that emerging businesses simply cannot survive. This is where the Kestin Pondi Foundation becomes a vital case study. By stepping in to offer targeted financial support and resources, they are bridging a severe structural deficit.
Beyond the immediate financial relief, initiatives like the Kestin Pondi Foundation serve a deeper strategic purpose: they demonstrate exactly how private organisations and dedicated individuals can complement government efforts. Government cannot do it alone. When private foundations step up to fund and empower local enterprise, they create a ripple effect that reduces youth unemployment and fosters community-level wealth creation. It is an exemplary model of proactive civic responsibility.
The Liberator Newspapers: Moving from private initiatives to regional governance, you have strongly advocated for the immediate activation and full operationalisation of the South South Development Commission (SSDC). Why is this specific commission so critical to the region’s economic future?
Dr. Seyefar Clement: The South South region is blessed with an incredible abundance of both human and natural resources, yet the economic reality on the ground does not fully reflect this wealth. The South South Development Commission possesses enormous potential to completely rewrite that narrative.
When fully activated and functional, the SSDC should not just be another administrative body; it must serve as a regional economic catalyst. It has the mandate to invest heavily in critical infrastructure, encourage local innovation, and deliberately build an enabling environment where small businesses can thrive sustainably. By channeling regional strategy toward supporting local SMEs and establishing industrial clusters, the Commission can stimulate unprecedented growth that will benefit not just the Niger Delta, but the entire national economy. We need it fully active, focused, and operational without delay.
The Liberator Newspapers: Many argue that the primary problem facing Nigerian SMEs is simply a lack of access to capital. You have argued that sustainable growth requires a much broader approach. What are we missing?
Dr. Seyefar Clement: Throwing money at a broken system will never yield sustainable results. Access to capital is important, certainly, but sustainable SME growth requires a comprehensive ecosystem. We must look at financial literacy, mentorship, institutional capacity, and infrastructural development.
Are these entrepreneurs trained to manage cash flow through market volatility? Is there transparency in how funding programmes are designed? Do they have access to reliable power and transport networks to get their goods to market? Without accountability, transparency, and a solid institutional framework, capital evaporates without leaving a trace of real growth. We must shift our focus toward building resilient businesses, not just liquid ones.
The Liberator Newspapers: On the issue of funding programmes, you issued a very stern warning about the politicisation of grants and loans. How deeply does this affect the entrepreneurship ecosystem?
Dr. Seyefar Clement: It paralyzes it. When intervention programmes, grants, or soft loans are distributed based on political patronage or favoritism rather than strict business viability, we defeat the entire economic purpose.
Let me be perfectly clear: these intervention funds are not free handouts. They are strategic national investments funded to stimulate economic growth, boost local manufacturing, and generate real employment. When you give funds to non-viable, politically connected entities instead of genuine, innovative entrepreneurs, you waste scarce public resources and starve the businesses that could actually transform the economy. Selection processes must be strictly merit-based, transparent, and driven by innovation and viability.
The Liberator Newspapers: Drawing from your extensive, decade-long experience advising SMEs across both Nigeria and the United Kingdom, what internal responsibilities do entrepreneurs themselves need to take more seriously?
Dr. Seyefar Clement: This is a crucial point. While we demand better policies from the government, entrepreneurs must look inward. A major hurdle for many emerging businesses is the absence of structure.
To inspire confidence among international investors, lenders, and development institutions, Nigerian entrepreneurs must develop sound financial management skills. You must maintain proper, verifiable business records and cultivate an unyielding culture of internal accountability. If an investor cannot track your revenue, understand your cost structures, or see a clear separation between personal and business finances, they will walk away. Professionalism is not optional; it is the baseline requirement for growth.
The Liberator Newspapers: Finally, Dr. Clement, what is the ultimate strategic model you envision to transform these small enterprises into sustainable engines of national economic prosperity?
Dr. Seyefar Clement: We need a deliberate shift toward a targeted enterprise development model. Both government interventions and private sector initiatives should intentionally favor and support businesses that are solving pressing social and economic challenges within their immediate communities—whether that is in agricultural processing, clean energy, waste management, or local tech solutions.
When you support a business that solves a local structural problem, you guarantee its market relevance. This approach dramatically improves the long-term survival rate of SMEs, accelerates inclusive economic development, and ensures that job creation happens where it is needed most. That is the blueprint for turning small businesses into the true anchors of Nigeria’s prosperity.
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