Growth of MSMEs, key to economic diversification – Osinbajo

Vice President Yemi Osinbajo said the federal government could no longer afford to treat micro, small and medium enterprises with a careless attitude as the sector has the potential to change the narrative of the Nigerian economy.

He said that with around 40 million micro, small and medium enterprises, which together account for 50% of Nigeria’s GDP and 88% of employment, there is never a more important sector for the growth of the Nigerian economy than the MSME sector.

The Vice President, who was speaking at the launch of the Micro, Small and Medium Enterprise Member Organizations of Nigeria (MSMES Forum) forum in Abuja, said, “Nigeria cannot afford to treat this sector criticism in “business as usual”. manner”, the “government is therefore committed to establishing a solid foundation for a diversified economy by strengthening and promoting robust growth of MSMEs”.

He was represented by the Chief Technical Assistant to the President on Development Policy in the Office of the Vice President, Dr. Akin Soetan.

The Vice President said that he has personally maintained a strong and unwavering commitment to the development of the MSME sector over the years and has participated in MSME clinics organized by his office in collaboration with state governments in across the country.

He said what excited him most about the MSME Forum was the involvement of the private sector and the engagement of a wide range of stakeholders in its development, including universities and research agencies. where research and development takes place.

He noted that the development could revolutionize the performance of the sector, MDAs, state governments, royal houses, development partners, foreign governments who can invest in our industries and support the development of the sector, not to mention cite just a few.

“That the initiative is led by the private sector is of the utmost importance because it does not need the government to lead it.

“We can trust the private sector to create the necessary communities of practice that will engender growth in the various sub-sectors and establish the necessary relationships with authorities across the country and other institutions and businesses outside the country. “, did he declare.

He pledged that “the government will focus more on improving processes and creating the required environment for MSMEs to grow and thrive across multiple organizations.”

He said the forum therefore promises to strengthen the MSME sector to take advantage of the opportunities offered by the African Continental Free Trade Area.

About Edward Fries

Check Also

Business People: Hiring and Rewards in the Fort Wayne Area | Company

Cason Amornarthakij joined Do it Best as a Category Management Planner; David Badinasenior system administrator; …