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COVID-19: Experts task SMEs on social media platforms for survival

Financial experts have advised Small and Medium Enterprises (SMEs) to innovate and embrace the use of social media to survive the third wave of the COVID-19 pandemic.

The Experts said the SMEs needed to think out of the box in order to survive the challenge occasioned by the COVID-19 pandemic.

The former Director, National Association of Small and Medium Enterprises, Mr. Nerus Ekezie, said SMEs must strive to survive in spite of the current third wave of the pandemic.

“They should all have some form of online presence and explore other social media marketing tools.

“Harnessing these tools will enable them to retain their customers and gain attraction,” Ekezie said.

He noted that utilizing these digital platforms would reduce operational costs and control the community-to-community transmission of the virus in the third wave.

Ekezie added that the three tiers of government should collaborate more, so as to inoculate more people and return the economy to normalcy.

Also speaking, Dr. McAntony Dike, former President of the Chartered Institute of Taxation of Nigeria, said the Federal Government had granted tax relief to SME sector to cushion the effect of the pandemic.

“The tax incentives were for businesses whose turnover is below N25 million in this COVID-19 era.

“We expect businesses in this bracket to benefit and contend with the weak economy triggered by the pandemic,” Dike said.

He noted that small businesses must re-strategize to remain in business.

“They should be more innovative and begin to render other close services in their value chain.

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“For instance, most of the bike-hailing companies which were banned by the Lagos State Government have moved to offering digital courier services,” he said.

The Minister of Health, Osagie Ehanire, said the country had been recording a sharp increase in the number of confirmed COVID-19 cases since July, as global anxiety over the Delta variant continued to spread.

Rising cases of the Delta variant of the COVID-19 pandemic are seen in Lagos, Akwa Ibom, Oyo, Rivers, Kano, Plateau states, and the FCT, Abuja.

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