Tinubu pledges support for MSMEs

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President Bola Ahmed Tinubu expressed on Thursday at the opening of the 2024 National Micro, Small and Medium Enterprises (MSMEs) Conference the commitment of his administration to empower businesses, particularly small businesses and industries, for the economic growth of the country.

Tinubu said the Federal government is encouraging among Ministries, Departments and Agencies (MDAs) programmes and initiatives that will stimulate the growth of small businesses in Nigeria.

According to him, “It needs no gainsaying that we need to move the production and wealth-generating power of the economy to the people.

“It is in doing this that we can ensure equal distribution of resources and tap into the industrial potential of Nigeria as a people who are in tune with the natural resources and human resources that God in His infinite mercies have blessed us with.

“This is where MSMEs come in. MSMEs are the backbone of our economy. They account for 90% of all businesses in our country and contribute nearly half of our GDP.

“They are the lifeblood of our communities, providing employment to over 60 million Nigerians, many of whom are young people. They are the engines of rural industrialization, poverty alleviation, and sustainable development. When our SMEs prosper, Nigeria prospers,” he stated.

Represented by the Secretary to the Federal government, Sen. George Akume, it was explained that the 2024 National MSME Conference with the theme ‘GROW Nigerian: Sustaining a Digital and Innovation-Driven Economy’ “reflects our collective commitment to building and nurturing a sustainable environment where our small and medium enterprises (SMEs) can thrive, innovate, and drive Nigeria’s economic growth more efficiently through digitalization.”

The President commended the Director General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Charles. Odii hosting the conference, noting that the Agency is fervent for extensive contributions to the MSME sector, including the design and execution of projects that highlight and facilitate support for small businesses in Nigeria and across the continent.

“He is proof that we can create a government that includes the innovative capacity of the younger generation, and we see this also in the GROW Nigerian strategy.”.

Also speaking at the conference, the Minister of Industry, Trade, and Investment, Dr Doris Uzoka-Anite, said the government firmly believes that through digital transformation, “our MSME sector can reach heights never witnessed by our dear nation.

“Digital transformation can result in increased productivity; technologies can help MSMEs to automate tasks, improve efficiency, and
reduce costs”

In his address, Charles Odii, the Director General of SMEDAN, highlighted access to capacity development as one of the major challenges of MSMEs not being able to access finance.

He explained that other challenges include access to capital and funding for business ventures, high costs of raw materials, energy, and overall business operations, taxation, high registration costs, and bureaucratic bottlenecks.

Odii noted that SMEDAN is committed to assisting SMEs through the “GROW” Nigeria initiative and other initiatives for the economic growth of the country.

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