The Nigerian Association of Small and Medium Enterprises (NASME) has announced a substantial N2 billion empowerment fund dedicated to transforming the Micro, Small and Medium Enterprises (MSMEs) sector.
Dr. Abdulrashid Yerima, National President of the association, unveiled this initiative during a press briefing in Abuja, ahead of the 2023 West Africa SME Exhibition slated for October 26 to October 28.
The ‘MSME 4.0 Program and Empowerment Funds’ are strategically crafted to empower MSMEs to harness the potential of the Fourth Industrial Revolution (4IR) and the African Continental Free Trade Area (AfCFTA). Yerima emphasized that integrating digital technologies and solutions can enhance SMEs’ performance, market positioning, and adaptability in our evolving world.
Under the theme “MSME 4.0: Enhancing Productivity, Competitiveness, Resilience, and Sustainability in an Era of Digital Transformation,” this program is poised to bring about significant positive change for MSMEs and the nation as a whole.
“In recognition of the evolving digital landscape and the need for our MSMEs to thrive in this digital age, NASME in collaboration with a coalition of partners is proud to unveil the MSME 4.0 Program and Empowerment Fund.”
Yerima further detailed the allocation of one billion Naira for a Youth Empowerment Fund and another billion Naira for a Women Empowerment Fund. These funds aim to foster entrepreneurship, creating a million employment opportunities and contributing significantly to our national economic growth.
Anticipating that the exhibition will harness the potential of the AfCFTA, Yerima emphasized its role in promoting trade, fostering economic development, and creating opportunities for businesses across West Africa.
“Our shared objectives for this event include job creation, income generation, poverty reduction, increased GDP, improved competitiveness of MSMEs, enhanced trade within the sub-region, and the structural transformation of West Africa’s economy.”
The program and empowerment fund’s official launch will take place during the exhibition, offering training, mentoring, networking, access to markets, financing, and other support services to participating MSMEs.
Dr. Doris Uzoka-Anite, Minister of Industry, Trade and Investment, reaffirmed their commitment to supporting the growth of MSMEs in the country. Likewise, Dr. Olawale Fasanya, Director-General of the Small and Medium Enterprises Development Agency (SMEDAN), emphasized the importance of embracing digital technologies and solutions to enhance businesses. He assured MSMEs of continued support in overcoming challenges and fostering economic growth.
