The federal government has restated its commitment to revitalize the Micro, Small, and Medium Enterprises (MSMEs) sector in order to stimulate domestic investments and attract foreign direct investments (FDIs).
During an event organized by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) in commemoration of the 2023 World MSME Day, the Permanent Secretary in the Ministry of Industry, Trade, and Investment, Dr. Evelyn Ngige, revealed this development.
In her speech, Ngige, who was represented by Mr. John Okpaluwa, emphasized the dedication of President Bola Ahmed Tinubu’s administration to formulate and execute policies, programs, and projects that will have a positive impact on MSMEs.
She reiterated that the development of MSMEs is crucial in building a stronger and more robust economy. Ngige further expressed the federal government’s determination to establish policies that create an enabling environment, fostering domestic investments and attracting FDIs across all sectors of the Nigerian economy. With these efforts, Nigeria is set to become the preferred investment destination in Africa and the world.
“We are all aware that Micro, Small, and Medium-Sized Enterprises (MSMEs) are the backbone of economies globally, playing a critical role in promoting innovation, creativity, and decent work opportunities,” Ngige stated.
She also highlighted the significance of MSMEs in achieving the 2030 Agenda for Sustainable Development Goals (SDGs) and emphasized the importance of this year’s MSME Day event in revitalizing the world economy, particularly in developing countries like Nigeria.
In light of the challenges faced by entrepreneurs and MSMEs due to global shocks and crises, Ngige emphasized the commitment of the Nigerian government in repositioning the sector for efficiency, growth, and development.
Dr. Olawale Fasanya, the Director-General of SMEDAN, highlighted that MSMEs currently provide over 59 million jobs, representing around 84% of Nigeria’s total labor force, and contribute more than 48% to the nominal GDP.
“MSMEs are uniquely positioned to participate in and contribute to the recovery and vitality in these areas,” Fasanya added.
