Business
Aganga Identifies New Strategy To Boost MSMEs

L-R: Founder, Chartered Institute of Bankers of Nigeria, (Cibn), Alhaji Oladimeji Otiti; Oba of Lagos, Obarilwan Akiolu; President, Cibn, Dr Sina Aina and Chairman, First City Monument Bank, Otunba Micheal Balogun, during the Unveiling of a Book Titled “The Economy of Financial Inclusion in Nigeria” written by Dr Aina in Lagos recently.
The Minister of In
dustry Trade and Investment, Mr. Olusegun Aganga has described the newly inaugurated Nigerian Business Development Services Network (NBDS) as another milestone in the current administration’s determination to reposition the Micro, Small and Medium Enterprises (MSMEs) sector.
Aganga said the new initiative is a network of private sector business development service providers that will work with MSMEs to achieve economic growth.
He said the move was aimed at achieving effective and productive performance by the sector especially in the area of mentoring and provision of financial link to the federal government’s N39.6 billion MSME development programme.
According to the minister, the federal government has made MSMEs the centre of economic policy, adding that the present initiative would enable the sector grow and contribute significantly to Gross Domestic Product (GDP) growth.
He said that NBDS would also serve as indirect collateral for small business operators, adding that the initiative will go a long way in helping MSMEs to formalise their operations.
The minister said this would strengthen the book keeping records of the sector operators which has been a major setback in their dealings with financial institutions.
Aganga commended the World Bank for its productive partnership with the Ministry of Industry, Trade and Investment (MITI), adding that the initiative would help in addressing some specific challenges affecting the sector.