The Federal Government of Nigeria has said it would strike partnerships with crucial stakeholders in order to ensure Nigeria’s Micro, Small and Medium Enterprises (MSMEs) become globally competitive.
Minister of State for Industry, Trade and Investment, Amb. Mariam Katagum, made the disclosure at the 3rd edition of the MSME Summit of the Vanguard Economic Forum Series, Thursday in Lagos.
She said: “This Summit being part of the private sector initiative towards MSMEs development, further reflects the resolve by the government of Nigeria to enter into partnerships that would make Nigerian MSMEs become globally competitive. While assuring you that this effort is yielding positive outcome, I am optimistic that the collaboration with relevant stakeholders will be sustained.”
The Minister, who was represented by John Opaluwa, a Deputy Director in the ministry, reaffirmed the Federal Government’s commitment to developing and putting into effect policies and programs that would have an impact on MSMEs, as well as to creating an ecosystem that would encourage domestic investment and draw foreign direct investments (FDIs) in all areas of the economy.
Dr. Wale Fasanya, director general of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), also spoke at the event and highlighted the enormous prospects that the digital economy offers the MSMEs sector in developing nations like Nigeria.
He stated: “Digital economy obviously presents several opportunities for MSMEs in emerging economies such as ours. On face value, it reduces transaction cost by providing better and quicker access to information and communication between staff, suppliers, markets and network.
“Of significance is the fact that it can help MSMEs integrate into global markets cutting off costs associated with transport and border operations as it significantly enhances the scope to trade services.”