Key Highlights
- The government said part of its policies toward MSMEs growth includes establishing a SMEs Survival Fund.
- The policies were put in place in recognition of the importance of MSMEs, which represent 96% of the businesses in Nigeria and contribute 75% of the National employment.
The Federal Government has said it has developed policies to drive the growth of Micro Small, and Medium Enterprises (MSME) across the country. The Minister of Industry, Trade, and Investment, Adeniyi Adebayo, listed the policies to include the establishment of a SMEs survival fund which the Ministry is chairing the Steering Committee.
He said the government has also adopted Economic Sustainability Plan (ESP), with the aim of sustaining economic growth and development as well as optimizing local content and empowering local businesses to compete globally.
Speaking during the opening of the 34th edition of the Enugu International Fair, organized by the Enugu Chamber of Commerce, Industries, Mines and Agriculture (ECCIMA), on Saturday in Enugu, Adebayo said the policies were designed to promote MSMEs which currently represent 96% of the businesses in Nigeria and contribute 75% of the National employment.
MSMEs and economic growth: Declaring the fair open, Adebayo, who was represented by the Deputy Director, Multinational of the Ministry, Dr. Sunday Jaja, said that nurtured and well-structured MSMEs sub-sector can contribute significantly to employment generation, wealth creation, poverty reduction, sustainable economic growth and development in Nigeria.
- “The people of Enugu State and South-East Nigeria should take advantage of opportunities provided by the advent of the African Continental Trade Agreement (AfCTA), export Market to produce quality goods and services for export to other African countries,” he added.
In his Goodwill message, the National President, of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Mr. John Udeagbala, said a nation without deliberate human capital development cannot sustain meaningful economic development.
Udeagbala, represented by the President, of the Southeast Chamber of Commerce, Industry, Mines, and Agriculture, Mr. Humphrey Ngonadi, said the most impressive performance of the economy of most developed and newly industrialized countries is the commitment to human capital development.
- “A nation which is unable to develop skills and knowledge of its people and utilize them effectively in nation building will be unable to develop anything else.
- “The advancement we see in science and technology and every other field today is the strategic commitment to human capital development. When human capital development is properly harnessed and leveraged, it could lead the country to sustained prosperity.
- “Therefore, if Nigeria wants to achieve meaningful and sustainable, it must begin to aggressively develop its human capital for inclusive growth of the economy,” he said.
Earlier, the President of ECCIMA, Mr. Jasper Nduagwuike, said that the chamber, under the 16th Council, was proud of how far they have come as it could only get better before the end of the year, adding that a full exhibition center would be standing on the trade fair ground.