MSMEs key to Nigeria’s economy recovery , says Industrialist

MSMEs key to Nigeria’s economic recovery, says Industrialist

Business

By Joy Odigie

Benin, June 30, 2024 (NAN) Mr Noma Iguisi, Edo Chairman, Nigeria Association of Small Scale Industrialists (NASSI) has said that Micro Small and Medium-sized Enterprises (MSMEs) were pivotal to Nigeria’s economy recovery.

Iguisi stated this during an interview on the 2024 MSMEs Day with the News Agency of Nigeria (NAN) in Benin on Sunday.

The theme for this year’s is: “Leveraging Power and Resilience of MSMEs to Accelerated Sustainable Development and Eradicate Poverty in Times of Multiple Crises.”

He said that MSMEs boasted over 17 million enterprises and accounted for more than 90 per cent of businesses as well as employing over 80 per cent of the workforce in the country.

He said that leveraging the strength of MSMEs could drive economic stability and improve the overall quality of life of the populace.

“As Nigeria grapples with a multitude of crises, including insecurity, food shortages, inflation, and rising unemployment, the resilience and power of MSMEs are crucial for driving sustainable development and eradicating poverty.

“For this to happen, the Nigerian government must implement policies and intervention programmes that bolster the growth of this vital sector.

“Easy access to finance, improved electricity supply, market access, and an enhanced ease of doing business environment are essential,” he said.

He said that such measures would empower MSMEs to employ more people and substantially contribute to the nation’s economy.

“If every enterprise in Nigeria were to employ just one additional person, it could potentially create over 17 million new employment opportunities.

“This would lead to a considerable reduction in the unemployment rate, addressing one of the primary causes of insecurity and poverty,” Iguisi said.

MSMEs Day is celebrated on June 27, every year to raise awareness of the contributions of enterprises to the achievement of the Sustainable Development Goals. (NAN) (www.nannews.ng)

OOJ/JI

Edited by Joe Idika