Nigeria’s Vice President, Prof. Yemi Osinbajo has reiterated the Federal Government’s commitment to provide Micro, Small and Medium Enterprises (MSMEs) with the needed support for development.
Osinbajo stated this at the opening of the 2019 Abuja International Trade Fair themed: “Remodelling SMEs Financing: Options and Solutions’’ which was organised by the Abuja Chamber of Commerce and Industry.
Represented by Amb. Maryam Katagum, Minister of State, Federal Ministry of Industry, Trade and Investment, Osinbajo emphasised the need for Made-in Nigeria goods to compete internationally with improved quality
He said government was working tirelessly with relevant stakeholders for improved quality, in order to compete favourably with other products in the global market.
“We believe that it is essential to support small businesses to increase productivity, create more jobs and to boost our economy.
“This is why government is working with stakeholders across all sectors to ensure that MSMEs have access to the support they need to grow for a sustainable future,’’ Osinbajo explained.
The Vice President said that the trade fair would provide an opportunity for entrepreneurs to network and establish linkages, that would translate into improved market access and investment.
According to him, MSMEs make up over 90 per cent of all firms in the world and account for about 60 to 70 per cent of total employment and 50 per cent of GDP worldwide.
“This sector plays a pivotal role in stimulating economic growth and providing employment for vulnerable groups such as women, the youth and the poor.
“This has triggered the huge investment by government of Nigeria in the MSME sector to enable the sector attain the desired economic growth and development,’’ he added.
Osinbajo further said that the National Council on MSMEs had demonstrated commitment to reposition the sector.