Small business is the engine of growth of any economy
Vice President Yemi Osinbajo said small business is the engine of growth in any economy, especially in the areas of wealth creation and job creation.
Prof. Osinbajo also said that in partnership with the private sector, the federal government will continue to support innovation and measures to stimulate small business growth across the country.
This suggests that it will improve the economy and create more jobs for Nigerians.
Speaking Monday in Abuja at the first meeting of MSME stakeholders in 2021, Osinbajo urged public and private sector stakeholders in a virtual meeting to be innovative in activities planned for small businesses across the country to consolidate income. registered in the IHR space in recent years.
This is stated in a statement released by the senior special assistant to the president for media and advertising at the office of Vice President Laolu Akande.
Highlighting the scale and scope of interventions for the MSME sector, the Vice President noted that “we must continue to innovate with the measures we are planning for MSMEs because small businesses are the growth engine of any economy in the areas of wealth creation. and job opportunities, MSMEs are very important. ”
He went on to say, “In our commitment to the future, we must think outside the box. We must change the way we do many things, we must look for ways to multiply our efforts, because the problems in this area are more serious than we could solve. until now.
“Of course we have done a lot, but when you look at the number of people in need, you will find that there is still a lot to be done.”
Speaking about the implementation of the Survival Fund for MSMEs and its impact on the economy, the Vice President said that “the implementation of the Survival Fund by the federal government is the right signal that MSMEs are an important component of ‘savings’.
The Federal Government’s Survival Fund Grant Program for MSMEs, which includes wage, artisan and transportation support, is a component of the Nigeria Economic Sustainability Plan (NESP).
Designed to mitigate the economic impact of the COVID-19 pandemic, especially on the most vulnerable small businesses, the Survival Fund program is a conditional grant to support vulnerable MSMEs in meeting their payroll and job security obligations in the industry. IHR.
The program is estimated to save at least 1.3 million jobs nationwide.
Thanking stakeholders for their cooperation and commitment to implementing schemes and initiatives in the MSME sector, the Vice President said: “Working together, we can achieve more in the MSME sector. I am pleased to know that there is closer cooperation between partners and ministries, departments and agencies. “
Earlier in her speech, Minister of State for Industry, Trade and Investment, Ambassador Mariam Katagum, said the implementation of the Survival Fund in several areas has reduced the burden of the pandemic on businesses.
According to the minister, “by influencing more than 300,000 beneficiaries under the staff support scheme by paying them 30,000 and 50,000 ns. E. In December 2020; and by completing the counting and disbursement of 166,000 artisans in December 2020, the federal government, through the Survival Fund, has filled the void left by the pandemic. ”
He noted that the support provided through the Survival Fund would make a significant contribution to mitigating the impact of the pandemic, as noted in the comments collected in the testimonies of beneficiaries of various pathways through the program.
For his part, the Special Economic Adviser to the President, Ambassador Adeyemi Dipeolu, stressed the need for stakeholders to seriously consider expanding the scope of MSME clinics to reach more beneficiaries and consolidate past efforts.
He noted that, being limited to the states of Nasarawa and Ebony in 2020 due to the COVID-19 pandemic, the secretariat, in accordance with the vice president’s directive, intends to open clinics in the remaining states of Benue, Imo, Lagos, Gombe, Adamawa and Jigawa. to ensure full country coverage and set the stage for a possible second national round of clinics.
Ambassador Dipeolu said that other initiatives requiring improved collaboration and scale of implementation include the Shared Resources Scheme, which was launched in Benue and Lagos states respectively in 2020, with Anambra and Kaduna awaiting launch.
He noted that the program turned out to be one of the key products of MSME clinics, which needs to be maintained and expanded.
In his keynote speech, Bank of Industry CEO Kayode Pitan said that the partnership with stakeholders has strengthened further in 2020 despite disruptions due to the COVID-19 pandemic, noting that the bank, working with other stakeholders, will adopt strategies that will increase space for MSMEs in 2021 and beyond through provision of premises and other guarantees.
Access Bank CEO Herbert Wigwe, who represented the private sector at the meeting, reaffirmed the industry’s commitment to supporting the Bukhari administration’s vision for MSMEs through various initiatives implemented in clinics and clinics. shared program.
Likewise, Nigeria Export Promotion Council (NEPC) Executive Director / Chief Executive Officer, Shogun Awolovo, spoke about agency-to-agency MSME collaboration in realizing federal government goals.
He said NEPC will leverage existing and renewed agency collaboration to implement its new project to support businesses in coping with the impact of COVID-19, dubbed a “pandemic to prosperity.”
In addition, in a nutshell, Director General of the National Food and Drug Administration (NAFDAC) Professor Moji Adeyaye said that while the COVID-19 pandemic limited the agency’s activities in 2020, some of the innovations introduced since the pandemic have greatly helped improve its operations. and general product certification.
Other stakeholders, including heads of government agencies, have expressed their willingness to work together to influence more MSME companies in 2021.
Source: – Vanguard