MSME is the future of Nigerian economy ― Osinbajo

THE Vice President of Nigeria, Prof. Yomi Osinbajo, SAN, has said the Micro, Small and Medium Enterprise (MSME) is the future of the Nigerian economy. He, however, called for more private sector partnership in achieving the federal government’s goals of economic development through MSME development.

Speaking during the commissioning of 1.5megawatts (MW) Independent Power Plant (IPP) in Lagos on Friday, Prof. Osinbajo stated that the administration’s goal is to implement improvements, reforms and interventions that will be visible not merely in the global rankings, but impactful in the lives and of business owners and entrepreneurs across the entire country.

“This partnership between the Federal Government of Nigeria, private and social sector partners and most importantly with you, business women and men and your market associations, has enabled us to launch the Energising Economies Initiative here in Sura Shopping Complex in record time.

“This cannot be achieved without Government partnering with the private sector, development partners and fellow Nigerians after it has created the enabling environment. We are committed to being transparent as we strive to make Nigeria an easier and cheaper place in which to do business. You all have a critical role to play in ensuring that we succeed.’

“So, while we face many challenges, I am greatly encouraged by our progress. Today, we take another step forward in our journey. Sura Shopping Complex now has reliable, affordable power, thanks to the private sector and the Government working hand-in-hand.

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As a result, the small businesses in this shopping complex will be more productive. We have made another dent in unemployment and poverty reduction. My hope is that we can apply the same formula – innovation, resilience, and partnership – to help Nigeria realise its potential.”

In her speech, the Managing Director of Rural Electrification Agency (REA), Mrs Damilola Ogunbiyi, commended the Prof. Osinbajo and the federal government for the Energizing Economies Initiative (EEI) which has helped to improve the country’s economy.

According to her: “The Energizing Economies Initiative aspires to increase energy access and economic growth by assisting private sector developers to provide clean, reliable and affordable power to economic clusters, such as markets, shopping complexes and agricultural/industrial clusters.

“Over the next 4-5 years, we want to reach 500 thousand small businesses within 350 economic clusters. The role of FGN through the REA is critical to the success of this initiative. This includes providing data like Energy audits, programme management support, community relation support and stakeholder management. The programme support for this project is also being provided by Power Africa through technical assistance support from Deloitte and Mckinsey. We appreciate their support and contributions.”