The Nigeria Social Insurance Trust Fund (NSITF) and the Bureau of Public Procurement (BPP) have unveiled strategic initiatives to enhance Small and Medium Enterprises (SMEs) participation in public procurement processes across Nigeria.
This collaboration was announced during a courtesy visit by NSITF’s Managing Director, Oluwaseun Faleye, to BPP’s new Director-General, Adebowale Adedokun. The meeting, according to a statement by NSITF’s Corporate Affairs Manager, Nwachukwu Godson, emphasized the importance of fostering transparency and inclusivity in procurement for SMEs.
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Streamlining Procurement for SMEs
Adedokun highlighted the need to adapt Nigeria’s procurement policies to accommodate small businesses, drawing inspiration from successful models in Kenya, Tanzania, and Rwanda. These countries have streamlined requirements for diverse groups, including women and persons with disabilities, to encourage participation.
“We need to streamline the requirements,” Adedokun said. “Small businesses cannot be expected to meet the same conditions as large contractors and multinationals. If we want to grow this economy, we must create a system that empowers SMEs to compete fairly.”
He also urged the NSITF to champion open competitive bidding among stakeholders, fostering trust and boosting revenue generation for small businesses.
Commitment to Competitive Bidding
Faleye reiterated NSITF’s commitment to adopting open competitive bidding by 2025. “We are adjusting our processes to ensure SMEs can compete effectively for contracts,” he stated. “This tiered contracting system will categorize contracts by size and reserve specific opportunities for small businesses, including women-owned enterprises.”
He also emphasized the vital role of the informal sector in sustaining the Employees’ Compensation Scheme and extending social security nets nationwide.
Joint Media Campaign and Collaboration
Both organizations agreed to launch a media campaign to raise awareness about the Employees’ Compensation Scheme and BPP’s transparency-focused procurement initiative. They also pledged to collaborate on ICT security, manpower training, and other areas to support each other’s mandates.
This partnership marks a significant step towards creating an inclusive procurement environment, enabling SMEs to play a more prominent role in Nigeria’s economic development.
