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FG to strengthen the operations of MSMEs

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Mariam Katagum, Minister of state for industry, trade and investment, at the signing of a Memorandum of Understanding (MoU) between Nigeria Entrepreneurs Forum (NEF) and the Organisation of Women in International Trade (OWIT) in Abuja on Friday says the Federal Government is working to strengthen the operations of Micro, Small and Medium Enterprises (MSMEs) to enable them contribute more to national economy.

Presidents of the two bodies signed the MoU at the Federal Ministry of Industry, Trade and Investment (FMITI). The MoU is for data and information sharing for joint implementation of women related projects, training and funding for women owned enterprises as well as policy advocacy, among others.

The Federal Government gives special attention to the growth and development of the MSMEs sector with special emphasis on women-owned enterprises, according to the minister.

Represented by John Opaluwa, a deputy director in the ministry, the minister said the Federal Government was positioning the MSMEs for global competitiveness through effective implementation of policies and programmes.

“The critical role MSMEs play in the development of the national and global economy in terms of employment generation and contribution to gross domestic product (GDP) cannot be overemphasised.

“It is in recognition of this that the Federal Government gives special attention to the growth and development of the MSMEs sector with special emphasis on women-owned enterprises.

“The N75 billion MSME Survival Fund and Guaranteed Off Take Scheme are part of Economic Sustainability Plan (ESP) designed and developed by the government to cushion impact of COVID-19 on the economy.

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“This is specifically targeted at providing succour to the MSMEs sector which has experienced the most adverse effect of economic disruptions caused by the pandemic.

“The implementation of the scheme which has received commendation by stakeholders across the country has provision for 45 per cent female-owned businesses,” she said.

Katagum said that the Federal Executive Council (FEC) had recently approved the revised National Policy on Micro, Small and Medium Enterprises (MSMES), which provided the framework to resolve the challenges faced by the sub-sector.

“The ministry has commenced the stakeholders’ engagement on drafting of national policy on start-ups to keep pace with innovation and new wave of digital revolution of start-up ecosystem in the country. This is to reposition the Nigerian start-ups to be major contributors to the nation’s Gross Domestic Product (GDP).

“Also worthy of mention is the National Enterprise Development Programme (NEDEP), which was designed to coordinate the delivery of enterprise development in the country.

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Akinola
Akinola
Akinola Olusegun is a blogger and publisher of this blog, money247.com.ng. You can also check out his other blogs : segtv.com.ng (videos & news), letgoonline.com.ng (e-commerce), letgoonline.com.ng/blog (news) among others. Follow him via any or all of his social media pages to get fresh posts update.
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