FG boosts economic development through MSMEs

Nigerians have been assured of a massive improvement in all facet of existence particularly in boosting the economy through self-sufficiency as contained in the 2021 federal budget.

The assurance was given by the Vice President, Prof Yemi Osinbajo, who declared that small and medium enterprises are the target of economic development by ensuring that the country becomes an exporter of commodities rather than remain a consumer nation.

Speaking on Tuesday at the 27th Edition of the National MSME Clinic held in Gombe, the Vice President said that the Federal Government drive is to make MSMEs major economic stimulus considering that they are the major of large scale labour.

He explained that the local rice production, yam production and other produce in the country can be promoted to large scale through soft loans that will be given to the operators of the MSMEs across the country.

Yemi Osinbajo added that the survival funds and other federal government-funded palliative programs are meant to serve as a push to MSMEs across the country stressing that the development and growth of the economy depend on the ability of the young entrepreneur to be alert to their businesses.

He said that already, many youths from Gombe State have been enrolled in different small scale businesses which he assured will be supported to remain functional in order to stand and become sources of revenue generation to many.

The VP then called on the youths to seize the opportunity provided by the various programs of the Federal Government in order to become employers of labour and contribute positively to the development of the country’s economy.

In his speech, Gombe State Governor, Muhammadu Inuwa Yahaya, expressed his appreciation to the Federal Government under the leadership of President Muhammadu Buhari for its commitment to improving the living standard of the people by creating opportunities in all aspects of human endeavour.

The Governor said that, In Gombe State, we are witnesses to the amazing transformation in infrastructure, agriculture, technology, small and medium enterprise development.

The Governor added that the hosting of the 27th Edition of the National MSME Clinic was an important milestone in the development of the local economy in Gombe State as it is expected to facilitate the development of small-scale enterprises by serving as a one-stop-shop for all MSME-related information, bringing together all relevant stakeholders, promoting the production and consumption of locally produced goods and services.

He said: “More importantly, it will help our small and medium scale businesses in areas of improving access to finance, business registrations, access to market, skills acquisition and compliance with regulatory requirements.”

According to him, “Together with other reforms around ease of doing business, we are working to create a conducive environment for our small and medium enterprises to thrive and succeed.

Inuwa Yahaya stressed that the choice of Gombe State for the 27th MSME Clinic is both apt and timely, “We are blessed with an economy that is driven by enterprising and hard-working young men and women. No wonder the British Historian, Dr Mary Tiffen, aptly described the people of Gombe as “The Enterprising Peasants” in her seminal book on the history of Economic Development in Gombe (1900—1968),” he said.

Added to the uniquely favourable conditions for individual enterprise, our strategic position at the centre of the North-East subregion puts us at the heart of the regional trade, commerce and agriculture,” the Governor added.

He then said that his administration is working to reposition the MSME subsector saying that, “already, the bill for the creation of the Gombe State Enterprise Development Agency is before the House of Assembly. When created, the Agency is expected to drive MSME development in the State by harnessing the enormous potentials of our small and medium scale businesses across various economic and social sectors. I have no doubt that with this development, the House of Assembly will expedite action by passing it into law.”

According to Inuwa Yahaya, a commensurate effort aimed at boosting human capital development has propelled his administration to invest in the revitalization of the education and health sectors, as well as equipping the teeming population of young men and women with the skills and qualifications to succeed in the 21st century.

The Governor said: “Recent developments in the country and in other parts of the world are important pointers for us to be more focused on the need to create opportunities for our youths. For us, we see our increasing youth population as both a challenge and an opportunity for the country.”

“As a challenge, we are at risk of instability resulting from anger, frustration and hopelessness of millions of our unemployed youths. On the other hand, we should see it as an opportunity to address our developmental challenges if we tap from their innovation, creativity and energy,” he added.

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FG boosts economic development through MSMEs

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FG boosts economic development through MSMEs