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FG to boost economic development through MSMEs

The Federal Government says it will explore the opportunities in the micro, small and medium enterprises to tackle inflation and boost the nation’s economic development.

The Minister of State for Budget and National Planning, Prince Clem Ikanade Agba, said this in Abuja at the fourth strategic planning meeting of the forum of MSME business membership organizations of Nigeria (MSME forum).

According to him, the MSMEs were the engine of growth in any economy, with them dominating the private sector space and creating over 50 percent of jobs in developing countries.

“In Nigeria, the contribution of SMEs to GDP between 2015 and 2020 was put at 48 percent on average. SMEs account for 50 percent of industrial jobs and nearly 90 percent of activities in the manufacturing sector.

“MSMEs are also known to be very active in promoting backward integration, as most of them engage in the use of local materials as intermediate inputs in the production of goods,” Agba, represented by his special adviser, Mr. Sufyan Ojeifo, said.

He noted that the present administration of President Muhammadu Buhari was unmindful of the challenges hindering the growth and development of MSMEs in Nigeria, including unfriendly business environment, skilled manpower, infrastructural deficit, multiple taxation, inadequate access to finance; and high cost of capital.

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