ABUJA – The Nigerian Economic Summit Group (NESG) has held a pre-summit webinar, which focused on improving access to markets for Nigerian Micro, Small, and Medium Enterprises (MSMEs).
This virtual event was part of the lead-up to the 30th Nigerian Economic Summit (NES#30), highlighting the critical role of MSMEs in Nigeria’s economic landscape.
The webinar, hosted by the NESG’s MSME Community of Practice, explored ways to address these challenges and unlock the full potential of MSMEs in driving development, innovation, wealth creation, job generation, and poverty reduction, especially given Nigeria’s youthful and entrepreneurial population.
In her opening remarks, Ms. Amaka Nwaokolo, Co-Facilitator of the MSME Community of Practice, underscored the importance of creating a conducive environment for MSMEs to thrive.
She noted that despite Nigeria’s more than 39 million active Nano, Micro, Small, and Medium Enterprises (NMSMEs), which employ over 80 percent of the nation’s labour force, account for over 95 percent of businesses, and contribute approximately 46 percent to the Gross Domestic Product(GDP), but that productivity remains a significant challenge.
Nwaokolo stated that persistent issues in the business environment, along with ineffective policy design and implementation, have hampered the growth and competitiveness of MSMEs, noting that weak macroeconomic fundamentals, high operational costs, and security challenges continue to threaten their survival.
Dr. Charles Odii, Director-General and Chief Executive Officer of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), who delivered the keynote address, presented SMEDAN’s GROW Strategy, which provides comprehensive support for MSMEs.
He emphasised the agency’s efforts to enhance product distribution, collaborate with regulators like NAFDAC to ensure product standardisation, and offer single-digit interest loans through partnerships with the Bank of Industry and Sterling Bank, totaling 5 billion Naira for registered MSMEs.
Ms. Adeola Balogun, Chief Executive Officer of Lim Lim Foods Production Company, called for government support through tax breaks, especially given the reduction in consumer purchasing power.
She also highlighted the challenges of accessing funding, particularly for women-owned businesses, and the need for women-focused financial facilities.
On her part, Mrs. Nonye Ayeni, Director-General of the Nigeria Export Promotion Council (NEPC), represented by Ms. Obidike, highlighted the council’s efforts to support MSMEs in becoming exporters.
She discussed the importance of registration, mentoring, standardisation, and the council’s role in assisting MSMEs with packaging, labeling, and branding to meet regulatory standards.
Dr. Chinyere Almona, Director-General of the Lagos Chamber of Commerce and Industry (LCCI), represented by Dr. Sunnie Omeiza Michael, shared insights on the barriers to growth and competitiveness faced by MSMEs, emphasising the role of collaboration in overcoming these challenges.
It would be recalled that the 30th Nigerian Economic Summit, with the theme: “Collaborative Action for Growth, Competitiveness, and Stability,” is scheduled for October 14th to 16th, 2024, at the Transcorp Hilton Hotel in Abuja.
This landmark event is expected to bring together diverse perspectives and collective expertise to tackle common challenges, create shared opportunities, and ensure sustainable economic progress for all Africans.
NES #30 will focus on fostering collaboration to chart a path towards a unified, competitive, and prosperous future for Nigeria and the continent.
