The Nigerian and German governments have reached an agreement to enhance cooperation aimed at bolstering Micro, Small, and Medium Scale Enterprises (MSMEs) in Nigeria. This announcement was made by Dr. Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, during a bilateral meeting held in Abuja.
Dr. Uzoka-Anite emphasized the importance of the partnership in areas such as renewable energy, agriculture, and increasing access to finance for MSMEs, which would significantly boost Nigeria’s industrial sector and contribute to economic growth, job creation, poverty alleviation, and inclusiveness.
To strengthen the Federal Government’s dedication, President Muhammadu Buhari recently established the Presidential Council on Industrial Revitalization, with the Minister of Finance and Coordinating Economy serving as its chairperson. This council aims to revive the economy through various sectors, with a focus on improving the MSME segment, which contributes about 45% to Nigeria’s Gross Domestic Product (GDP).
In response, German Minister Ms. Svenja Schulze highlighted the longstanding partnership between Nigeria and Germany, acknowledging Nigeria’s significance as Africa’s largest and most populous economy. She emphasized the importance of addressing underlying causes of conflicts, such as job creation, energy, food security, and women’s rights.
Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, reiterated the Federal Government’s commitment to promoting small businesses in Nigeria. He emphasized the bilateral meeting’s focus on discussing cooperation and bilateral support for MSMEs, economic cooperation across sectors, agriculture, energy (particularly solar power), and entrepreneurship skills development, especially for women-led businesses.
