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By Anthony Maliki, Abuja
Critical stakeholders in the small and medium enterprise sector converged on Abuja to chart a positive way forward to better the subdivision in diverse areas of that tier of business.
Under the Nigerian Association of Small and Medium Enterprises (NASME), the various stakeholders spoke of ways to make the business sector more viable with practitioners evolving ways of improving their endeavours.
It was the 19th MSME Summit and Exhibition with the theme: “Economic reforms and MSME development: Enhancing the competitiveness of our indigenous businesses” organized by NASME in collaboration with some partners.
The Chairman, Board of Trustees (BoT) NASME, Chief Ubadigbo Okonkwo, suggested that the Central Bank of Nigeria (CBN) should terminate its development finance function and transfer any available resources to well-governed development finance including the Bank of Industry, Development Bank of Nigeria, Bank of Agriculture and Nigerian Export Import Bank.
Besides, he said, Small and Medium Enterprises Development Agency (SMEDAN), should continue to collaborate with NASME to ensure a conducive business environment is created in Nigeria for growth and performance of MSMEs.
The President, NASME, Dr. Abdulrashid Yerima urged every MSME owner, entrepreneur, and stakeholder to embrace the potential of new economic realities.
According to him, innovation must be at the core of growth strategies and need to harness the power of technology, embrace sustainable practices, and explore non-traditional financing options to foster resilience and growth.
He said in alignment with global standards, NASME collaborated with Brainstorm IT Solutions to digitally transform the Association as the initiative will enhance efficiency and transparency.
Dr. Yerima appeal for continued support, especially in reducing bureaucratic bottlenecks, improving access to finance, and investing in critical infrastructure that benefits MSMEs.
The President urged financial partners to create flexible, affordable financial products designed for the unique needs of MSMEs.
He pointed out that the world has been through unprecedented challenges, and the Nigerian economy is no exception but noted that with these challenges come unique opportunities for MSMEs.
According to him, as the bedrock of Nigeria’s economy, MSMEs account for more than 90% of businesses, employing millions of Nigerians and contributing significantly to its GDP.
Exhibitors at the Summit
SMEDAN Director-General/CEO, Charles Odii represented by Engineer Igba Anthony, Director, (Engineering, Technology, Infrastructure), stressed that the summit is an avenue to share information and working together to address challenges.
He outlined some of issues are MSMEs and ease of doing business in Nigeria, Tax policies for MSMEs growth and creating effective funding models for MSMEs.
Odii said the Agency’s passion in ensuring MSMEs growth has led it to develop a grow Nigeria model, that is geared towards facilitating the growth of MSMEs in which Nigeria will be sensitize on wear Nigeria, Produce Nigeria and eat Nigeria amongst others.
Guests at the Summit
The Director-General, NAFDAC, Professor Moji Adeyeye represented by Hajiya Aisha Girei noted that the agency has reduced rates of SMEs registration with minimum requirements and discouraged use of consultants.
The Director-General, Raw Materials Research and Development Council (RMADC), Professor Nnanyelugo Ike-Mounso, represented Mrs. Deborah Ashigye said there is long-lasting relationship with NASME and pledged its continuous support for indigenous support and development.
Part of the summit were panel discussions and exhibition by NASME members of various items.
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