The Federal Government has commenced the review of Nigeria’s investment policy to promote investments that meet the country’s economic development objectives within the pillars of the Responsible, Inclusive, Balanced and Sustainable Policy framework.
The Minister for Industry, Trade and Investment, Otunba Adeniyi Adebayo, disclosed this on Monday in Abuja.
He said the government would register 250,000 Micro, Small and Medium Enterprises for free as part of measures to tackle unemployment and empower \ouths in the country.
According to him, youths remain a very significant 0part of any economy and Nigeria has a large youthful population, which are made up of creative, innovative, agile, and hardworking individuals with potential to become global leaders.
Adebayo spoke at the Grand Finale of the 2020 Ugwumba Enterprise Challenge for young leaders’ business start-ups, organised by the Ugwumba Centre for Leadership Development in Africa.
He said, “However, data from the Nigerian Bureau of Statistics show that youths make up 64 per cent of ahave directed their creative energy, ideas and innovations into establishing MSMEs.
“These now constitute about 96 per cent of the total number of enterprises, 50 per cent of National Gross Domestic Product and 70 per cent of the nation’s workforce.
“Right now, under the Economic Sustainability Plan, the government is funding registration for 250,000 MSMEs, which would be registered at zero cost. We are also concessioning two Brownfield Special Economic Zones while commencing work on developing four additional greenfield sites across the country.”
The founder of UCLDA and Imo State former Commissioner for Land and Urban Development, Ugwumba Nwosu, said the event had been an annual business pitching and grant competition to assist young entrepreneurs and innovators in Africa between 18 and 30 years to turn their skills, ideas and passions into profitable business ventures and social enterprises.
He said, “This is the third editions of this challenge and this year, winners will win N1m, N700,000, N500,000, N300,000, N200,000 respectively; while the sixth winner will win N100,000 personally donated by the Otunba Adeniyi Adebayo.”
Also, the UCLDA Chairman and Emir of Dass, Bauchi State, Alhaji Othman Usman, urged the nation’s youths to engage in profitable initiatives, in their interest and that of the country, especially utilising the MSMEs.