Finance and Public Enterprises Minister Iipumbu Shiimi has called for a stronger entrepreneurship culture in the country, emphasising the crucial role of small- and medium-sized enterprises (SMEs) in economic development.
Speaking at the Development Bank of Namibia’s (DBN) Good Business Awards on Tuesday, Shiimi noted that research indicates a preference among young graduates for employment in the government and private sectors rather than pursuing entrepreneurship. This lack of entrepreneurial spirit, he stated, hinders the nation’s economic progress.
“Entrepreneurship culture is slow in young people,” Shiimi acknowledged. “Therefore, activities such as these awards where well established businessmen are present and speak, can promote that culture.”
Shiimi lauded the DBN’s efforts in supporting SMEs, recognising their significant contribution to the economy. “It’s pertinent to have Small and Medium Enterprises, because it will not be possible to develop a country without them, as they are the ones who create wealth and job opportunities for others to earn a living,” he emphasised.
The Minister acknowledged the challenges faced by SMEs, particularly in accessing financing. He highlighted the government’s response to these challenges, including the establishment of the SME financing strategy and the role of the DBN in providing financial support.
“We looked at an array of issues on how to solve and assist SMEs, including the inaccesibility to funding due to the absence of collateral, and we also realised they need patient capital in the form of equity including a market,” Shiimi explained.
He encouraged entrepreneurs to persevere despite the inherent risks associated with business ventures. “Entrepreneurship is not for the faint-hearted but brave people who operate on hope, resilience and determination,” he remarked. “So, those getting awarded should consider themselves as important soldiers for the economic development of Namibia. Never give up.”
DBN Chief Executive Officer John Steytler echoed Shiimi’s sentiments, emphasising the bank’s commitment to fostering entrepreneurship while maintaining financial sustainability.
“We would like to be a sustainable lender with the long-term vision to provide finance while also fostering a culture of entrepreneurship,” Steytler stated.
The DBN’s Good Business Awards recognised outstanding SMEs in both the SME and large business categories.
Brand Plan Advertisement took home N$150,000 in the SME category, while Nampath Laboratories emerged as the winner in the large sector category, receiving N$250,000.
The call for a stronger entrepreneurship culture in Namibia resonates with the broader African narrative, where SMEs are increasingly recognised as catalysts for economic growth and job creation.
Shiimi’s emphasis on nurturing entrepreneurs and providing them with the necessary support is crucial for unlocking Namibia’s full economic potential.
