The Federal Government stated that governments at all levels should prioritize private sector developments to improve the economy and create an enabling business environment.
This was disclosed by Mariam Katagum, Minister of State, Ministry for Industry, Trade and Investment, at the 2nd edition of the Bauchi state National trade fair and exhibition on Saturday.
READ: Africa’s economy to dip by 3.4% this year – AfDB President, Akinwumi Adesina
She added that prioritization of private sector development comes through the enhancement and development of the private sector by putting in place effective policy measures and schemes to improve ease of doing business.
- “Government is determined to provide an investment-friendly environment which is very crucial for accelerated economic growth and development.”
READ: Private sector to drive global economic recovery in 2021 – IFC Boss
The Minister stated that the FG has prioritized ease of doing business and also the infrastructure for economic growth, citing the adoption of policies aimed at promoting Micro, Small and Medium Enterprises (MSMEs) in the country, adding,
- “This sector currently represents 96% of the businesses in Nigeria and contributes 75% of the National employment.”
READ: The long road from NITEL to NTEL and the dashed hopes
She also said the FG’s Economic Sustainability Plan (ESP) worked on sustaining economic growth and development to boost local content and push Nigeria towards self-sufficiency.
READ: Covid-19: Timeline of every pronouncement made by Nigeria to support the economy
What you should know
- Nairametrics reported that The Federal Government announced it will launch a National Investment Policy, which will entrench an investment-friendly environment that supports the sustainable development aspirations of the country.
- Vice President, Yemi Osinbajo, announced that Nigeria needs to take a second look at how Small and Medium Enterprises (SMEs) are regulated, so as to improve the business environment for SMEs in Nigeria.
READ: FG approves $2 billion for first phase of $4.6 billion Ibom Deep Seaport
