FG reiterates commitment to grow MSMEs to stimulate domestic investments
THE Federal Government has reiterated its commitment to reposition Micro, Small and Medium Enterprises (MSMEs) sector to stimulate domestic investments and attract Foreign Direct Investments (FDIs).
The Permanent Secretary in the Ministry of Industry, Trade and Investment, Dr Evelyn Ngige made this known during an event to commemorate the 2023 World MSME Day.
The event was rganised by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
Ngige also expressed the Federal Government’s commitment to formulating and implementing policies, programmes and projects that would impact MSMEs.
The News Agency of Nigeria (NAN) reports that the event is with the theme “Building A Stronger Future Together’’.
Ngige, who was represented by Mr John Okpaluwa, said that prioritising the development of MSMEs was pertinent in building a better and stronger economy.
She further expressed the Federal Government’s determination to formulate policies that would create an enabling environment to stimulate domestic investments and attract Foreign Direct Investments (FDIs) in all sectors of the economy.
According to her, this will make Nigeria a preferred investment destination in Africa and the world at large.
“We are all aware that Micro-, Small and Medium-Sized Enterprises (MSMEs) are the mainstay of economies globally, playing a critical role in promoting innovation, creativity and decent work for all.
“It is with cognizance to this, that the United Nations declared June 27 annually as MSME Day to raise awareness of their significance especially in achieving the 2030 Agenda for Sustainable Development Goals (SDGs).
“The theme of this year’s event has further invigorated the importance and the critical role MSMEs play in the resuscitation of the world economy, especially the developing countries like ours.
“It is against this backdrop that prioritising MSMEs development becomes pertinent in building back a better and stronger economy in view of the shocks and crises that have disrupted the global working environment for entrepreneurs, especially MSMEs.
“This is why the Federal Government of Nigeria is committed and has shown sustained interest in repositioning the sector for efficiency, growth and development,’’ Ngige said.
While highlighting the role of MSMEs to the economy, she said that 39 million MSMEs in Nigeria contribute 46.31 per cent of national GDP and 6.21 per cent of gross exports as well as employ a significant number of the populace.
According to her, the sector has continued to play a pivotal role in stimulating economic growth and providing employment to vulnerable groups such as youths, women and the poor.
“There is no doubt that the serious engagement of key private sector players in the development of policies and programmes, especially for MSMEs development further reflects the resolve by the government to make Nigerian MSMEs become globally competitive.
“While assuring you that this effort is yielding a positive outcome, I am optimistic that the collaboration with relevant stakeholders will be sustained in the implementation of the revised National policy on MSMEs and beyond,’’ she said.
Ngige said that the federal government licensing of Business Development Service Providers (BDSPs) as part of efforts to provide professional support and ensure quality Business Development Services (BDS) to MSMEs,
According to her, the framework is designed to standardise the delivery of BDS to MSMEs in Nigeria by providing the mark of quality for the delivery of the BDS.
“It will as well enhance access to professional BDS by nano, Micro, Small and Medium Enterprises (nMSMEs) so as to maximise their potential.
“Also worthy of mention is the Nigeria Start-up Act which seeks to provide an enabling environment for the establishment, development and operations of start-ups in Nigeria.
“The Act is also expected to foster the development and growth of technology-related talent and position Nigeria’s start-up ecosystem as the leading digital technology hub in Africa,’’ Ngige said.
She said that the Federal Government launched the Investment in Digital and Creative Enterprises (I-DICE) programme in Abuja as a major step toward upscaling entrepreneurship and innovation in the digital technology and creative industries.
“This includes film, fashion and music and will create an ecosystem that nurtures innovation, improves ease of access to affordable credit as well as a business-friendly system,’’ Ngige said.
The Director-General of SMEDAN, Dr Olawale Fasanya said that MSMEs contribute over 59 million jobs as at 2021, amounting to over 84 per cent of the total labour force in Nigeria and more than 48 per cent to nominal GDP.
While soliciting better cohesion among key players to ensure the sustainable development of the sector, Fasanya said that more support will not only make the sub-sector more sustainable but also measurable.
He further said that Nigeria is presented with an unprecedented opportunity to emerge with a better enabling environment for MSMEs to operate with the new government in place,
According to him, the government is now more focused on embarking on tangible and measurable economic diversifications, improvement of health care, education, public transport, empowerment of all women, girl-child and the youths, and combating climate change and its impacts.
“MSMEs are uniquely placed to participate and contribute to the rebound and vibrancy in these areas,’’ he said.
Fasanya assured of SMEDAN’s commitment to address the emerging challenges facing MSMEs with a view to strengthening their resilience and ability to tap into the ever-growing competitive markets.
