The Federal Government has revealed plans to launch an intervention program aimed at enhancing the development of Micro, Small, and Medium-sized Enterprises (MSMEs) in the country.
This was announced in a statement issued by Dr. Jumoke Oduwole, the Special Adviser to President Bola Tinubu on Presidential Enabling Business Environment Council (PEBEC) and Investment, in Abuja on Monday.
Oduwole explained that the intervention program is a key component of the PEBEC’s 2024 Outlook document, which outlines five strategic pillars for action. The initiative is named the PEBEC Business Champions Programme.
She stated,
- “Having worked with MSMEs for over seven years, we realized that while systemic regulatory and judicial interventions are important, strategically, we must be committed to delivering faster results.”
- “The Business Champions intervention targets medium to large-sized industries and there are two parts to that programme. The first part is to work with medium-sized enterprises and have a pilot cohort of about 25 businesses.”
- “This intervention will be a bespoke service to help these medium businesses navigate the business climate from the government’s perspective,”
She mentioned that the criteria for selecting businesses would be based on factors such as revenue, tax contributions, job creation, sectors, and export proceeds.
Oduwole noted that the intervention would extend to companies with over one billion USD in annual revenue, of which there are 23 in Nigeria.
Review of business laws in Nigeria
Additionally, she highlighted that, with legislative support, there would be a thorough review of the Omnibus Act, noting the collaborative efforts of more than 40 law firms nationwide.
These firms, she explained, volunteered their services pro bono to assess around 21 business laws, leading to the formulation of the Act.
Oduwole reiterated the ongoing collaboration between the council and state judiciaries to streamline the establishment of additional Small Claims Courts.
She recalled that at the beginning of 2023, only eight states in Nigeria had established Small Claims Courts, but by the end of the year, the number had risen to 25.
