‘SMEs need financial literacy to succeed’

Chairman, Krisoral Group of companies, Onitsha, Anambra State, Igwe  Oranu Chidume, says an in-depth understanding of financial literacy has been identified as the prerequisite to entrepreneurial development.

He stated this at the  Faculty of Management Science of Chukwuemeka Odumegu Ojuwkwu, University (COOU), Igbaram, Anambra State.

HRH disclosed that the ability to understand and effectively use various financial, including personal financial management, budgeting and investing was of utmost importance.

Igwe Chidume pointed out that financial literacy exposes entrepreneurs to the knowledge of budget management, procedures, credit management and financial risks of business operations amongst others.

Delivering the keynote address with the theme, “Entrepreneurship As the Engine of Economic Development: The Nigeria’s Experience in Covid-19 Era,” he said the pandemic brought lots of challenges which have tasked the local entrepreneurs in the country.   Igwe Chidume defined entrepreneurship as “Engaging responsibly in any activity or venture that creates value and serves as a solution to the needs of the other person.”