Federal Government to enhance MSMEs growth in Nigeria

Jennifer Inah

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The Nigerian Government has reaffirmed its commitment to effective engagement with key stakeholders to promote and enhance the growth of Micro, Small and Medium Enterprises (MSMEs) in the country.

 

Nigeria’s Vice President, Prof. Yemi Osinbajo, made the commitment 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 partnership 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 Administration programme is the “National MSME Clinics,” which 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 use the newly signed Startup bill to support the growth and development of Startups, especially in the ICT sector, to boost economic growth and development.
While expressing optimism with the caliber of participants, and participation, Prof Osinbajo urged an implementable communiqué to emerge from the summit to help  upscale Small-Scale Industries and MSMEs in the country.
In his welcome address, NASSI National President Dr. Solomon Vongfa said the National Industrial Business Summit is a unique collaborative policy dialogue platform.
It is facilitated by NASSI and other co-hosting organisations to convene various critical stakeholders to deliberate on workable policies and strategies to unlock the potentials of small-scale industries.
He commended President Buhari’s administration’s MSMEs intervention programmes and encouraged participants to explore its benefits.
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