The Nigerian Association of Small and Medium Enterprises (NASME) has said that is floating an N2 billion empowerment fund to revolutionise the Micro, Small, and Medium Enterprises (MSMEs) sector.
The National President of the association, Dr Abdulrashid Yerima, said this in a media briefing on Friday in Abuja.
Yerima said that the ‘MSME 4.0 Program and Empowerment Funds were designed to help MSMEs leverage the opportunities and benefits of the Fourth Industrial Revolution (4IR) and the African Continental Free Trade Area (AfCFTA).
Digital technology
According to him, adopting digital technologies and solutions can improve the performance of SMEs, market position, and adaptability in the changing world.
- “Under the theme MSME 4.0: Enhancing Productivity, Competitiveness, Resilience, and Sustainability in an Era of Digital Transformation, this program is poised to bring about significant positive change for MSMEs and the nation.
- “In recognition of the evolving digital landscape and the need for our MSMEs to thrive in this digital age, NASME in collaboration with a coalition of partners is proud to unveil the MSME 4.0 Program and Empowerment Fund.
- “NASME is committing one billion Naira towards a Youth Empowerment Fund and another one billion Naira towards a Women Empowerment Fund.
- “These funds are designed to foster entrepreneurship and generate one million employment opportunities, significantly contributing to our national economic growth,’ he said.
While projecting that the association’s planned exhibition would harness the potential of the AfCFTA, Yerima said that it would promote trade, foster economic development, and create opportunities for businesses across West Africa.
He added,
- “Our shared objectives for this event include job creation, income generation, poverty reduction, increased GDP, improved competitiveness of MSMEs, enhanced trade within the sub-region, and the structural transformation of West Africa’s economy.
Commitment to support the growth of MSMEs
The Minister of Industry, Trade, and Investment, Dr Doris Uzoka-Anite, represented by the Chief Industrial Officer in the ministry, Mr Esther Ajibola, reiterated the government’s commitment to support the growth of MSMEs in the country.
Similarly, Dr. Olawale Fasanya, the Director-General of the Small and Medium Enterprises Development Agency (SMEDAN), represented by Mr. Monday Ewans, Director of Enterprises Development in SMEDAN, Fasanya, emphasized the need to embrace digital technologies and solutions that can improve businesses.
- “The agency is also committed to continue to support the MSMEs to overcome the challenges they face.
- “We are aware that MSMEs are confronted with the issues of lack of finance, poor infrastructure, inappropriate legislation, competitiveness, and lack of managerial skills among others.
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