Nigeria deepens MSMEs’ potential with key partnerships

...highlights beneficial programmes for MSMEs

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Nigeria's Vice President, Professor Yemi Osinbajo

The Nigerian Government has demonstrated its resolve to promote and enhance the growth of Micro, Small and Medium Enterprises (MSMEs) in the country through effective partnerships with key stakeholders.

Nigeria’s Vice President, Prof. Yemi Osinbajo, emphasised during an inaugural National Industrial Business Summit (NIBS) with the theme “The Future of Small-Scale Industries in Nigeria: Opportunities and Challenges,” in Abuja.

He said the Federal Government will continue to seek ways to boost the economy through effective collaborations with key stakeholders.

The Vice-President who was represented by the Minister of State for Industry, Trade and Investment, Amb. Mariam Katagum, said small-scale industries use basic raw materials and resources to produce goods and services while contributing massively to the GDP through employment and wealth creation.

“No nation flourishes without intentional and concentrated efforts to implement policies and programs that enable and boost MSMEs’ growth,” Osinbajo said.

He added that a highly effective programme, “National MSME Clinics,” was developed to help Nano, Micro, Small and Medium Enterprises.

The Nigerian Vice President said the MSME Clinics were introduced to bring key frontline Government Agencies and Stakeholders to interact with players in the MSME space, to remove impediments to the growth and development of enterprises in Nigeria.

Prof. Osinbajo added that the Federal Government launched the second National Action Plan on Ease of Doing Business as part of this Administration’s medium-term Economic Growth and Recovery Plan (ERGP) to drive reforms aimed at making Nigeria a more business-friendly place.

The Vice-President also noted that a Technical Committee to implement the revised National Policy on MSMEs has been constituted while efforts is on to cushion the effects of the global economic downturn, through palliatives to enable recovery, sustenance, and improvement, especially under the Economic Sustainability Plan (ESP), which included the MSMEs Survival Fund and Guaranteed Offtake Scheme, among others

“To ensure coordination of NEDEP, a web portal, NEDEP-Portal, is being developed in close collaboration with all relevant Stakeholders. It is a One-Stop-Shop designed to concentrate MSMEs transactions in a single location, to maximise ease of doing business.”

Prof. Osinbajo urged all relevant stakeholders to make use of the recently signed Startup bill to support the expansion and development of startups, particularly in the ICT sector in order to promote economic growth and development.

Prof. Osinbajo encouraged a workable communiqué to come out of the summit to support the advancement of Small-Scale Industries and MSMEs in the nation while expressing excitement about the caliber of attendees and participation.

The National Industrial Business Summit, according to NASSI National President Dr. Solomon Vongfa, is a distinctive platform for collaborative policy dialogue.

The gathering of several key stakeholders to discuss practical policies and strategies to unleash the potential of small-scale companies is enabled by NASSI and other co-hosting organizations.

He praised the MSMEs intervention programs implemented by President Buhari’s administration and urged participants to learn more about their advantages.


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