Nigeria’s Vice President Hails Micro, Small, and Medium Enterprises as Lifeline of the Nation’s Economy
In a bid to boost economic growth and development, Nigeria’s Vice President, Senator Kashim Shettima, has described Micro, Small, and Medium Enterprises (MSMEs) as the lifeline of the nation’s economy. Shettima made this statement during the inauguration of the Benue MSME fashion hub, which is expected to create 48,000 jobs for youths.
The Vice President, represented by the Deputy Chief of Staff, Office of the Vice President, Senator Ibrahim Hadejia, emphasized that MSMEs are a strong pillar of stability for the economy. He noted that the Federal Government’s intervention is designed to foster a conducive environment through MSMEs, which are the backbone of Nigeria’s economy, accounting for 96 per cent of business activities and contributing over 45 per cent to the nation’s economy.
Without MSMEs, over 80 per cent of Nigeria’s workforce would be without a job. The Vice President stressed that it is evident that it will be impossible to grow Nigeria’s economy if MSMEs do not remain a top priority.
The Benue fashion hub is one of the largest, with over 200 production machines and 100 ICT units. According to the Vice President, the machines have the capacity to produce military and school uniforms, both for the state and beyond. The hub is estimated to provide 48,000 jobs.
In his speech, the State Governor, Rev. Fr. Hyacinth Alia, applauded the Federal Government for the initiative and expressed confidence that it will serve as a catalyst for growth and development, not only in the state but across the entire Middle Belt region. Alia appreciated the donation of 70 computers to power the ICT section of the hub, along with various sewing and weaving machines, the 100KVA generator, and other equipment.
The establishment of fashion hubs and ICT centres is a key part of the government’s plan to empower young people and contribute to the socio-economic transformation of the state. The project is expected to have a positive impact on the economy and provide a platform for entrepreneurship and innovation.
