FG to sign MoU with MSMEs forum to facilitate standardisation

The Federal Government has initiated moves to sign a Memorandum of Understanding (MoU) with the Forum of Micro, Small, and Medium Enterprises (MSMEs) Business Membership Organisations of Nigeria (MSME Forum), to facilitate dialogue and develop joint programmes that will promote standardisation, product complexity and competitiveness.

This is because the Government believes that the National Development Plan (NDP) 2021-2025 cannot be achieved alone without the private sector, especially the MSMEs, which have a huge role to play in the implementation.

This was disclosed in a goodwill message by Prince Clem Ikanade Agba, Minister of State for Budget and National Planning at the 4th Quarter Strategic Planning meeting of the Forum of MSME Business Membership Organisations of Nigeria held in Abuja, on Thursday.

The Minister, who was represented by his SA Media, Ojeifo Sufuyan, informed that the National Development Plan (NDP) 2021-2025 which was recently launched by President Muhammadu Buhari had identified key strategies for ensuring the growth of MSMEs in Nigeria.

He assured that the Federal Government will continue to provide a conducive and friendly environment to investors and MSMEs for the growth and development of economic activities in Nigeria.

“Government also believes that the NDP 2021-2025 cannot be achieved by the government alone. The private sector and MSMEs have a huge role to play in the implementation of NDP 2021-2025 and the Nigeria Agenda 2050. This is the more reason why the Plan Implementation will be driven by the Private Sector. 86 per cent of the planned investment will come from the private sector.

“That is why the Ministry is considering signing a Memorandum of Understanding with the MSME Forum, to work together, especially in facilitating dialogue and developing joint programmes that will promote standardization, product complexity and competitiveness,” Prince Agba said.

He noted that the Micro, Small and Medium Enterprises (MSMEs) is the engine of growth in any economy as it dominates the private sector space and creates over 50 per cent of jobs in developing countries.

He pointed out that the NDP 2021-2025 seeks to invest massively in infrastructure, ensure macroeconomic stability, enhance the investment environment and improve social indicators and living conditions of the people.

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To achieve this, Prince Agba stated that government intends to support MSMEs and create jobs through standardisation of operations and increasing access to finance. “The growth, professionalisation, and transition of MSMEs from the informal to the formal market through training and mentoring, which will ensure their sustainability and bolster their hiring capacity will be supported.”

Government, he added, intends to work with key partners, particularly the development finance institutions to develop and expand the credit guarantee schemes available to players in the manufacturing sector, especially the MSMEs.

According to the Minister, “Government will prioritise and implement critical and strategic infrastructure projects that will directly raise production and productivity in the MSMEs, agriculture, manufacturing and service sectors, in line with rapid growth, job creation, poverty eradication and revenue and foreign exchange concentric economic diversification objectives.”

The focus, Prince Agba noted would be on electricity, road/rail and other transport as well as broadband internet connectivity. “Macroeconomic stability and security of lives and property are also part of the priority areas of the Government,” he stressed.

Prince Agba explained that tough decisions will be taken under the NDP and the Nigeria Agenda 2050 in reducing bottlenecks and ensuring sectoral linkages, Plan and Budget alignment, reducing the impact of oil price on the economy and ensuring stability in economic growth.

In his welcome speech, Dr Albert Olajide Akinyemi, Chairman, Board of Trustees of the MSME Forum said the Quarterly Strategic Planning meeting is significant for the growth and development of the MSME sector of the national economy.

He stated that a thorough knowledge of how to develop bankable business plans and leverage the funding opportunities in the capital and financial export market would be of great benefit to the BMOs and their members.

Dr Akinyemi said: “The economic problem of Nigeria is within Nigeria and it can be solved within Nigeria and by Nigerians, some of whom are here seated.

“Until we acknowledge and appreciate the relevance of MSME to our economy, we cannot make any headway in our efforts to free Nigeria from the current economic distress, distress brought about by our inability to institutionalise the MSME sector, and provide the needed enabling environment for its growth.

“Unless we develop the sector to sufficiently employ the restless population of Nigerian youths, there will continue to be a recurrence of banditry, terrorism, kidnapping and other social vices while the national treasury is being looted on a daily basis.”

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FG to sign MoU with MSMEs forum to facilitate standardisation

FG to sign MoU with MSMEs forum to facilitate standardisation