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Presidency to continue to partner with stakeholders to boost MSMEs growth – VP

by Christiana Gokyo, Jos

Prof. Yemi Osinbajo

Vice President of the Federal Government of Nigeria, Prof. Yemi Osinbajo, SAN, GCON, has reaffirmed the Federal Government’s drive to continue to seek ways to boost the economy through effective partnership with key stakeholders so as to give the Micro Small and Medium Enterprise (MSMEs) crucial sector the assistance it needs.

He asserted that, “No nation flourishes without intentional – and concentrated – efforts to implement policies and programs that enable and boost MSMEs’ growth.”

A statement to this effect was signed and issued to newsmen in Abuja, by Assistant Director of Press in the Ministry of Industry, Trade and Investment, Mrs Oluwakemi Ogunmakinwa.

It stressed that, “This is to explore strategies to improve the nation’s economy, and reaffirm its commitment to effective engagement with key stakeholders to promote and enhance the growth of MSMEs in the country.”

Prof. Yemi Osinbajo stated this in Abuja at the Inaugural National Industrial Business Summit (NIBS), with the theme, ‘The Future of Small-Scale Industries in Nigeria: Opportunities and Challenges.’

Represented at the event by the Minister of State for Industry, Trade and Investment, Amb Mariam Yalwaji Katagum, the VP noted that, “Small-scale industries use basic raw materials and resources to produce goods and services, adding value, while contributing massively to the GDP through employment and wealth creation.”

According to him, “A highly effective administration programme is the ‘National MSME Clinics,’ which was developed to help Nano, Micro, Small and Medium Enterprises.’ The MSME Clinics was introduced to bring key frontline Government Agencies and Stakeholders to interact with players in the MSME space, to remove impediments to the growth and development of enterprises in Nigeria.” 

VP Osinbajo noted that, “The Federal Government launched the second National Action Plan on Ease of Doing Business as part of this Administration’s medium-term Economic Growth and Recovery Plan (ERGP) to drive reforms aimed at making Nigeria a more business-friendly place.

“A Technical Committee to implement the revised National Policy on MSMEs has been constituted, while effort is on to cushion the effects of the global economic downturn, through palliatives, to enable recovery, sustenance, and improvement, especially under the Economic Sustainability Plan (ESP), which included the MSMEs Survival Fund and Guaranteed Offtake Scheme, among others.

“To ensure coordination of NEDEP, a web portal – NEDEP-Portal – is being developed in close collaboration with all relevant stakeholders. It is a One-Stop-Shop designed to concentrate MSMEs transactions in a single location, to maximize ease of doing business,” the VP stated.

Prof. Osinbajo urged all relevant stakeholders to use the newly signed Startup Bill to support the growth and development of Startups, especially in the ICT sector, to boost economic growth and development.

While expressing optimism with the caliber of participants and participation, Prof Osinbajo urged an “implementable communiqué” to emerge from the summit to help upscale Small-Scale Industries and MSMEs in the country.

Speaking earlier, NASSI National President, Dr. Solomon Vongfa, said the National Industrial Business Summit is a unique collaborative policy dialogue platform facilitated by NASSI and other co-hosting organizations to convene various critical stakeholders to deliberate on workable policies and strategies to unlock the potentials of small-scale industries.

He commended Buhari’s administration’s MSMEs intervention programmes and encouraged summit participants to explore its benefits.

In goodwill messages, the representative of the Director-General, Raw Materials, Research and Development Council (RMRDC) said reliable and unhindered access to raw materials is a concern to industrialists.

He assured that his Agency would continue to partner with relevant small-scale industrialists in the development and utilization of local raw materials for sustainable economic growth.

SEDIN-GIZ has worked with Nigerian governments, since 1974, to promote sustainable economic development, income generation, and MSMEs employment. 

The National Industrial Business Summit attracted keynote speakers, resource persons and participants from the small-scale industries MSMEs to examine the challenges of small-scale industries in Nigeria and set in motion process of creating a 10-year Action Plan that would be implemented by all stakeholders.

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