Future of Nigeria’s economy is in MSMEs – Ag President Osinbajo

Cyril Okonkwo, Abuja

Nigeria's Acting President, Professor Yemi-Osinbajo.

Acting President Yemi Osinbajo says the future of the economy is in Micro, Small and Medium Enterprises, MSMEs, urging Nigerians to buy Made-in-Nigeria products to encourage small businesses.

Osinbajo stated this on Thursday at the launch of MSMEs Clinics in the Federal Capital Territory at the Eagles Square, Abuja.

I want to say that the future of our country is in small businesses, medium size businesses doing great things, and that is what we are seeing here today,” he said at the event, which offered many MSMEs opportunity to showcase their products.

Osinbajo expressed delight at the ingenuity of the entrepreneurs whose products were their original creations.

He said:” Just today I have come across BIMKAF Palace who produces coconut oil, flour, ginger powder, carrot oil and so on, Cura Foods and Disposables, Euphrates Renewable Enterprises, Bob-ella Décor & Event Management, Nwamaka Ventures and several other MSMEs. The list is far too long to go on mentioning them.

“I want to say that all of the businesses we have seen here today, many of them are young men and women who believe in this country and who are using Nigerian products, Nigerian crafted machines in many cases, fabricated and who are producing incredible things with what they have.”

He said government’s idea behind the MSME Clinics was to create an environment for businesses to prosper and acknowledged the key role government has to play in this.

According to Professor Osinbajo, government recognized that small businesses have difficulty in accessing regulatory agencies and getting quick and efficient service from them and in accessing funding.

He said: “So we thought that it would be wise to actually take these regulatory agencies to the small businesses rather than wait for the small businesses to come to the regulatory agencies.

This interaction can sensitize the regulatory agencies themselves to the problems of small and medium scale enterprises. What we have seen so far is that there has been tremendous improvement in the way that the regulatory agencies respond to small and medium enterprises.”

The acting president said the MSMEs Clinic had been launched in Aba, Ilorin, Sokoto, Jos, Kastina, Calabar, and Abeokuta before it was brought to Abuja.

He said the programme would be taken to all the geo-political zones in Nigeria.

Osinbajo said the two executive orders that he recently signed were closely related to improving the business environment for MSMEs.

He restated the federal government’s commitment to ensuring that Nigeria becomes self-sufficient in rice production by 2018.