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To explore strategies to improve the nation’s economy, the Federal Government has reaffirmed its commitment to effective engagement with key stakeholders to promote and enhance the growth of MSMEs in the country.

Prof. Yemi Osinbajo, SAN, Vice President of the Federal Republic of Nigeria stated this today in Abuja at the inaugural National Industrial Business Summit (NIBS) with the theme “The Future of Small-Scale Industries in Nigeria: Opportunities and Challenges.”

“No nation flourishes without intentional and concentrated efforts to implement policies and programs that enable and boost MSMEs’ growth,” the vice president said. The Federal Government of Nigeria will continue to seek ways to boost the economy through effective partnership with key stakeholders to give this crucial sector the assistance it needs,” he said.

The Vice-President, represented at the event by the Minister of State for Industry, Trade and Investment, Amb. Mariam Yalwaji Katagum, said small-scale industries use basic raw materials and resources to produce goods and services, adding value while contributing massively to the GDP through employment and wealth creation.

He added that a highly effective Administration programme is the “National MSME Clinics,” which was developed to help Nano, Micro, Small and Medium Enterprises. He said the MSME Clinics was introduced to bring key frontline Government Agencies and Stakeholders to interact with players in the MSME space, to remove impediments to the growth and development of enterprises in Nigeria.

He said the Federal Government launched the second National Action Plan on Ease of Doing Business as part of this Administration’s medium-term Economic Growth and Recovery Plan (ERGP) to drive reforms aimed at making Nigeria a more business-friendly place.

The Vice-President also noted that a Technical Committee to implement the revised National Policy on MSMEs has been constituted while efforts is on to cushion the effects of the global economic downturn, through palliatives to enable recovery, sustenance, and improvement, especially under the Economic Sustainability Plan (ESP), which included the MSMEs Survival Fund and Guaranteed Offtake Scheme, among others.

“To ensure coordination of NEDEP, a web portal, NEDEP-Portal, is being developed in close collaboration with all relevant Stakeholders. It is a One-Stop-Shop designed to concentrate MSMEs transactions in a single location, to maximize ease of doing business.”

Prof. Osinbajo urged all relevant stakeholders to use the newly signed Startup bill to support the growth and development of Startups, especially in the ICT sector, to boost economic growth and development.

While expressing optimism with the caliber of participants, and participation, Prof Osinbajo urged an implementable communiqué to emerge from the summit to help  upscale Small-Scale Industries and MSMEs in the country

In his welcome address, NASSI National President Dr. Solomon Vongfa said the National Industrial Business Summit is a unique collaborative policy dialogue platform facilitated by NASSI and other co-hosting organizations to convene various critical stakeholders to deliberate on workable policies and strategies to unlock the potentials of small-scale industries. He commended Buhari’s administration’s MSMEs intervention programmes and encouraged summit participants to explore its benefits.

In goodwill messages, the representative of the Director-General, Raw Materials, Research and Development Council (RMRDC) said reliable and unhindered access to raw materials is a concern to industrialists. He assured that his Agency would continue to partner with relevant small-scale industrialists in the development and utilization of local raw materials for sustainable economic growth.

SEDIN-GIZ has worked with Nigerian governments since 1974 to promote sustainable economic development, income generation, and MSMEs employment. The National Industrial Business Summit attracted keynote speaker, resource persons and participants from the small-scale industries MSMEs to examine the challenges of small scale industries in Nigeria and set in motion process of creating a 10  -year action plan that would be implemented by all stakeholders.

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