Ayodeji Ayenuwa
In a recent press briefing held in Abuja, Dr. Abdulrashid Yerima, the National President of the Nigerian Association of Small and Medium Enterprises (NASME), unveiled a ‘game-changing’ plan for Micro, Small, and Medium Enterprises (MSMEs) in Nigeria.
According to Him, the ‘MSME 4.0 Program and Empowerment Funds’ was designed with the aim to helping MSMEs seize the opportunities presented by the Fourth Industrial Revolution (4IR) and the African Continental Free Trade Area (AfCFTA).
Yerima emphasized the significance of digital technologies in enhancing the performance and adaptability of MSMEs. He stated, “Adopting digital technologies and solutions can improve the performance of SMEs, their market position, and adaptability in the changing world.”
One of the core features of this plan is the allocation of N1 billion to a Youth Empowerment Fund and another N1 billion to a Women Empowerment Fund.
Yerima pointed out the broader objectives, stating, “These funds are designed to foster entrepreneurship and generate one million employment opportunities, significantly contributing to our national economic growth.”
In line with the commitment to harness the potential of AfCFTA, NASME is planning an exhibition that will promote trade, foster economic development, and create opportunities for businesses across West Africa.
Yerima provided further insight, explaining, “Our shared objectives for this event include job creation, income generation, poverty reduction, increased GDP, improved competitiveness of MSMEs, enhanced trade within the sub-region, and the structural transformation of West Africa’s economy.”
During the briefing, the government’s unwavering support for MSMEs reemphasized. The Minister of Industry, Trade, and Investment, represented by the Chief Industrial Officer in the ministry, expressed their commitment, emphasizing, “We are aware that MSMEs are confronted with the issues of lack of finance, poor infrastructure, inappropriate legislation, competitiveness, and lack of managerial skills among others.”
Dr. Olawale Fasanya, the Director-General of the Small and Medium Enterprises Development Agency (SMEDAN), also underscored the importance of embracing digital technologies to enhance businesses. “The agency is also committed to continuing to support the MSMEs to overcome the challenges they face,” he said.
Techrectory with Agency Report.
