Tinubu committed to prosperity of MSME in Nigeria, says VP
Vice President Kashim Shettima on Thursday, June 27, said President Bola Tinubu is committed to the prosperity of Micro, Small, and Medium Enterprises (MSMEs) in Nigeria.
Shettima advised all to ensure that MSME is well projected.
The VP said this at the 2024 International Dialogue/AU MSME Day with the Theme: Call to action: provision of sustainable single-digit loans for MSMEs, held in Abuja.
The VP who was represented by the Deputy Chief of Staff to the President, Ibrahim Hadejia said: “Before proceeding with my remarks, I must take a moment to sincerely appreciate the leadership of the African Union Commission for partnering with the Nigerian Government to bring together relevant stakeholders to lend their voice to the important conversation on what we can all do to better support MSMEs in Africa.
“Rest assured that the Nigerian government under the leadership of His Excellency President Bola Ahmed Tinubu, is committed to the prosperity of MSMEs in Nigeria.
“Indeed, this partnership exemplifies the popular African proverb which states that – if you want to go fast, go alone if you want to go far, go together. As we are all aware, MSMEs are the backbone of not only the Nigerian or the African economy but of the global economy. They account for 90% of all businesses worldwide and employ over 60% of the global workforce. It is no wonder that the United Nations has dedicated today, the 27th of June, to recognize MSMEs and to celebrate them for their immense contributions to the economies of nations all over the world.
“In Nigeria, the stakes are even higher when it comes to MSMEs. MSMEs in Nigeria account for 96% of all businesses, they contribute to our economy by over 45% and without them, 80% of the current Nigerian workforce will be without employment. These facts provide us with the evidence that if MSMEs prosper, Nigeria prospers, Africa prospers, and if MSMEs prosper, the entire world prospers. Unfortunately, MSMEs in Africa are fraught with numerous challenges that hinder their growth and by extension, the growth of the African economy. It is for this reason that we have joined hands with the African Union Commission to hear from you all, our distinguished guest speakers and panelists, on devising the appropriate continental solution for this obvious continental problem.
“I want to thank our guest speakers and panelists for doing justice to the theme of this event and for deepening our understanding of how we can better support MSMEs, particularly in relation to access to affordable credit and the facilitation of a more conducive operating environment. However, I want to urge us all not to forget that this gathering is a call to action. This means that we must all ensure that we do our part and put into action all the insights that have been uncovered from today’s occasion. Failure to do so would mean that we have gathered here for nothing and wasted another opportunity.
“Indeed, the recent launch of the 150-billion-naira MSME Intervention fund in partnership with the Bank of the Industry which offers single-digit loans to MSMEs across Nigeria, among other interventions, is an example of this commitment”
The Senior Special Assistant to the President on Job Creation and MSMEs, Tola Adekunle-Johnson said the provision of sustainable single-digit loans for MSMEs is doable, adding that all hands should be on deck to achieve success.
He said access to affordable credit remains a major challenge confronting African MSMEs, despite numerous interventions designed to address this problem over the years.
Adekunle-Johnson urged Nigerians to increase public and political awareness of the importance of affordable credit for MSMEs.
