Small Businesses Drive the Economy, Not Every Entrepreneur Needs Millions – IEYDA President Jagunmo
The National President of the Ilorin Emirate Youth Development Association (IEYDA), Alhaji Mohammed Uthman Jagunmo, has stressed that sustainable economic empowerment is not necessarily determined by the size of financial support but by its relevance to the needs of beneficiaries.
Jagunmo made the remarks while reacting to recent public discussions surrounding comments by the First Lady of Nigeria, Senator Oluremi Tinubu, on business empowerment.
According to the IEYDA President, community development practitioners understand that not every entrepreneur requires millions of naira to establish or expand a business, noting that targeted interventions often produce greater and more sustainable results.
He cited the empowerment programmes of the Ilorin Emirate Youth Development Association as a practical example, explaining that the association, under his leadership, organises empowerment initiatives twice every year for small-scale and petty traders across the Ilorin Emirate.
The beneficiaries, he said, receive business-specific support tailored to their individual trades, including bags of charcoal, cartons of detergent, crates of soft drinks, bags of maize, millet, rice and beans, while others receive cash grants ranging from 50,000, to 100,000, ₦200,000 to ₦300,000, Block molding machine, sewing machine, grinding machine, Noodles, Popcorn, Vulcanizing machine etc to strengthen their businesses.
Explaining the rationale behind the approach, Jagunmo said small-scale enterprises remain the backbone of the nation’s economy because they serve a significant percentage of the population on a daily basis.
He noted that many market women and petty traders have successfully trained their children through higher institutions solely from the proceeds of their businesses, underscoring their resilience and financial discipline.
“We should never underestimate market women and petty traders. They understand business, value every naira and take their turnover seriously,” he said.
Jagunmo further observed that while financial support is important, larger sums do not automatically translate into business success.
According to him, some beneficiaries who receive huge amounts of money without adequate planning or financial management often struggle to utilise the funds effectively.
“The real issue is not always the size of the support, but whether it meets the beneficiary’s actual business needs and is used productively,” he added.
The IEYDA President reaffirmed the association’s commitment to community-based economic empowerment, saying it would continue to design interventions that directly address the practical needs of small business owners and contribute to grassroots economic development.
