FG REITERATES COMMITMENT TO MSME GROWTH POST COVID-19

 In Investor News

The Federal Government has reiterated its commitment to helping Micro Small and Medium Enterprises (MSMEs) recover speedily post-pandemic by addressing critical issues in the business environment.

Yemi Osinbajo, Vice President, Federal Republic of Nigeria said this at the fifth edition of the Made in Nigeria MSME Conference & Exhibition themed “A Post-Covid Economy – The Growth & Future of SMEs” held on Tuesday in Lagos. “The outbreak of the pandemic disrupted activities in the business environment locally and globally, which MSMEs were not immune to and this pushed the government to intensify its efforts at helping local businesses while partnering with its different agencies and other organisations,” he said.

Osinbajo who was represented by Tola Johnson, SSA to the President on MSMEs said that although the government is committed to helping businesses grow and tries to regularly engage with the private sector however the challenges of MSMEs vary according to their location, sector, products, etc. which may cause slow redress activities.

Speaking on challenges faced by businesses regarding registration and approval from agencies especially NAFDAC, he said the government is constantly engaging with the leadership of NAFDAC for them to simplify and digitize their process to improve accessibility by businesses.

“We want to see how we can develop easily accessible, instant, low-interest loans with a reasonable moratorium for businesses to develop, expand and thrive. In addition to this, we want to see how the business environment will be reformed to suit businesses,” he said. Omogbolahan Lawal, Oniru of Iru land, in his address said that MSMEs are major drivers of growth for every economy however the impact of the pandemic has been very hard on them, adding that there is a limit to what their resilience can achieve without support.

“Stakeholders in the private and public sector need to collaborate in supporting MSMEs and helping the economy grow, particularly as efforts are intensified towards post-pandemic recovery,” Lawal, who was represented by Olumide Oniru, the prince, said.

Adedeji Alebiosu, Founder & Chair of the Made In Nigeria Conference & Exhibition said there is a need to pragmatically address the present realities and challenges faced by MSMEs post-Covid-19 especially as it relates to ease of doing business, access to finance, job creation & sustainability.

“The Nigerian MSMEs ecosystem is one of Nigeria’s biggest contributors to economic growth and we believe it’s imperative to have key players and active stakeholders share practical ideas and solutions on the advancement of the sector, rethink our economic fundamentals, and deliberate on the impact of the global pandemic on SMEs,” he said.

https://businessday.ng/news/article/fg-reiterates-commitment-to-msme-growth-post-covid-19/

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