Minister lists FG efforts at promoting MSMEs growth



The Minister of Industry, Trade and Investment, Mr Adeniyi Adebayo, says the Federal Government has embarked on the development of a draft national policy on Micro, Small and Medium Enterprises (MSMEs).

Adebayo, in a statement by his Special Adviser (Media) Ifedayo Sayo, on Thursday in Abuja, said the policy was among steps taken by the federal government to ensure growth of MSMEs in the country.

The minister delivered the keynote address at the 5th Lagos Small Business Summit 2020 which held virtually.

The minister said the actions were taken through the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).

He said that the government would also outline key strategies and programmes for development of MSMEs.

According to him, the government was conducting 26 MSMEs clinic events at various locations across the country to boost the skills and capabilities of the segment in which about 400,000 MSMEs have benefitted

”The government had launched an innovative portal to provide access to various resources required by SMEs operators.

‘”Government had also established a matching fund programme targetted at labour-intensive, SMEs operating in the real sector with innovative value-added products,” he said.

Adebayo said that at the height of the COVID-19 pandemic, the government initiated a proactive approach by creating an Emergency Operations Centre (EDC), which facilitated availability and movement of food items, pharmaceutical and other essential products across the six Geo-Political Zones.

He said that the centre assisted over 100 companies to boost the production of Personal Protective Equipment, hand sanitisers, face mask and ventilators during the lockdown.

“The government also launched various palliative measures such as the N100 billion MSMEs Investment Fund, N15 billion MSMEs Guranteed Off-take Stimulus Scheme, and the N60 billion MSMEs Survival Fund to help cushion COVID-19 pandemic impact and stimulate industrial activities and secure jobs.

“Our palliative measures are part of a broader N2.3 trillion Economic Sustainability Plan (ESP) to limit expected decline in economic growth from the coronavirus outbreak.

”It will also minimise the accompanying prospects of business failures, job losses and increased poverty,” the minister said.

He pointed out that the recent approval of the African Continental Free Trade Area (AfCFTA) Agreement would create a single continental market for goods and services, free movement of business persons and investment, expand intra-African trade and enhance competitiveness for industries and MSMEs.

“There is no doubt that a properly nurtured and well structured MSMEs sub-sector will contribute significantly to the attainment of President Muhammadu Buhari’s aspiration of lifting 100 million people out of poverty over the next ten years,” he added.

The minister, however, stressed the federal government’s commitment to support the expansion of the country’s leasing industry, saying it had maintained a growth of 13.5 per cent as at 2019.

He also said the equipment leasing industry had remained a major contributor to national economic development with outstanding lease volume of N1.9 trillion as at 2019 against N1.68 trillion in 2018.

Edited By: Chinyere Bassey/Emmanuel Okara
Source: NAN

Ella Anokam

Ella Anokam: is a graduate and a professionally trained journalist, with experience in national news reporting/editing and verification at the News Agency of Nigeria. NNN is a media subscriber of the News Agency of Nigeria. NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at] Disclaimer.

Latest News

Innovation Accelerator to Stimulate Growth for Youth Promoting Democracy and Governance in Africa Concludes President’s Remarks at the 5th Annual Meeting of the Africa Economic Zones Organization (AEZO) December 3, 2020 Coronavirus – Africa: COVID-19 Update (3rd December 2020) Coronavirus – Zimbabwe: COVID-19 Update (2nd December 2020) Coronavirus – Zambia: Daily status update (2nd December 2020) Landmark Alliance Launches in Africa to Fight COVID-19 Misinformation Democratic Republic of Congo (DRC)’s President H.E Félix Tshisekedi confirmed to deliver the keynote address at Mining Indaba Virtual Local Currency Financing for Off-Grid Energy Solutions in Africa Limited, Needs Scaling Up – African Development Bank Report MEDIA ADVISORY : African Institute for Mathematical Sciences to Host Online Next Einstein Forum Global Gathering: 8-10 December 2020 AIMS to host its first online Next Einstein Forum Global Gathering SAP becomes the perfect medicine for Kiara Health’s complexities and cost challenges Blue Prism Intelligent Automation Now Available in AWS Marketplace WHO Africa Online Press Briefing: Responding to COVID-19 Misinformation in Africa Coronavirus – Kenya: Distribution of Cases by Counties (2 December 2020) Coronavirus – Kenya: COVID-19 updates (2 December 2020) SouthBridge Group announces Two Major Transactions in the Republic of Togo Fabio Aru signs for Team Qhubeka ASSOS Zimbabwean journalist Debra Matabvu wins the 2020 APO Group African Women in Media Award Signing of the Advisory Services Agreement between the Islamic Corporation for the Development of the Private Sector (ICD) and Xalq Bank, Uzbekistan African Energy Chamber Starts a Working Visit to Mozambique to Push for Natural Gas Adoption and Jobs Creation UN Global Compact partners with African Media Agency (AMA) on Virtual SDG Summit Over 3.3 million children vaccinated in Chad in large-scale polio campaign How the world’s highest HIV-prevalence country turned around, and in record time World’s governments must wind down fossil fuel production by 6% per year to limit catastrophic warming Gruesome Boko Haram Killings in Northeast Nigeria Foreign fighters a ‘serious crisis’ in Libya, UN mission chief tells high stakes political forum Ethiopian Government and UN strike deal for ‘unimpeded’ humanitarian access in Tigray Mali: COVID-19 and conflict lead to rise in child trafficking AERC to host Bi-annual Plenary on the COVID-19 Pandemic and Public Finance in Africa African Union to Launch the African Single Electricity Market (AfSEM) Communiqué on H.E. Moussa Faki Mahamat, Chairperson of the African Union Commission's two day working visit to the Republic of South Africa Coronavirus – Malawi: COVID-19 Daily Information Update (1st December 2020) Rugby: The General Assembly of the Rwanda Rugby Federation (RRF) Elected New Conflict and Resolution Committee Lionesses Graduate from Isuzu East Africa (EA) Life Skills Program Ecobank Group wins Awards from EMEA Finance, The Banker and Global Finance COVID-19 drives wages down, new International Labour Organization (ILO) report finds Coronavirus – South Africa: MEC Anroux Marais on suspension of summer initiation season due to Coronavirus COVID-19 pandemic Coronavirus – South Africa: COVID-19 statistics in South Africa (01 December 2020) Brown, Tanfield and Vinjebo sign-on for Team Qhubeka ASSOS Coronavirus – Nigeria: COVID-19 case update (1 December 2020) Coronavirus – Zambia: Daily status update (1st December 2020) Uniting Business for A Stronger Africa Coronavirus – South Africa: COVID-19 update for South Africa (1 December 2020) Coronavirus – Kenya: Distribution of Cases by Counties (1 December 2020) Coronavirus – Kenya: COVID-19 updates (1 December 2020) Coronavirus – Ethiopia: COVID-19 reported cases in Ethiopia (1 December 2020) Coronavirus – Zimbabwe: COVID-19 Update (1 December 2020) Nestlé partners with Nomanini and Standard Bank to empower informal retail traders across the Eastern and Southern Africa Region LaLiga signs Mondia group as strategic technology and commercial partner for Europe, Middle East, Africa and Asia Pacific African Energy Chamber projects Africa’s Power Demand to Keep Rising Between 4-5% per year