Nation
SMEDAN Advocates Stakeholders’ Support For MSMEs
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has urged stakeholders within the Micro Small and Medium Enterprises’ (MSMEs) ecosystem to create a more supportive environment for MSME’s to grow, thrive and contribute to the economy.
The Chief Executive Officer, SMEDAN, Dr Olawale Fasanya, gave the advice at a two-day MSMEs Business Summit, organised by Innovation Centre for Leadership and Entrepreneurship Development (ICLED) in collaboration with SMEDAN in Lagos.
The Tide’s source reports that the summit had the theme, “Renewing MSMESs in Nigeria: Navigating Disruption and Embracing Change in the New Digital World”.
Fasanya said the latest survey the agency conducted with the National Bureau of Statistics in 2017 revealed Nigeria had about 41.2 million MSMEs and in 2020, about 39.6 million.
According to him, the country lost about three million as a result of COVID-19.
Fasanya, represented by a Director in SMEDAN, Dr Friday Okpara, noted that within the 39.6 million MSMEs in 2020, about 96.9 per cent were within NANO and micro enterprises.
He said, “that is to tell us that 3.1 per cent is just small and medium sized; and that is a big job for those within the MSMEs ecosystem.
“Especially SMEDAN, Standards Organisation of Nigeria, Nigerian Export Promotion Council, National Agency for Food and Drug Administration and Control, amongst others.
“We should see to how we can mainstream these 96.9 per cent micro enterprises to small and medium sized; and if you look at the type of crisis we are having in terms of youth unemployment and we say we have 39.6 million MSMEs, assuming we employ one each, a lot will be off the market.
“This is part of the mandate of the agency to ensure that we have the capacity to make a small legion of that to enable them contribute more to the GDP”.
The SMEDAN boss also noted that the MSMEs had made an encouraging contribution to the country’s Gross Domestic Product of 46.31 per cent, saying that more needed to be done.
“Their contribution to exports is very minimal compared to India that has about 42.5 per cent contribution of MSMEs to exports; equally in 2017, their contribution to export was about 7.27 per cent but the 2020 figure has shown us that there is a decline to 6.21 per cent.
“This means that SMEDAN should collaborate more and partner more with the Nigerian Export Promotion Council to enable us to have more MSMEs, especially with the recent Africa Continental Free Trade Area in which Nigeria is a big player among the 64 African countries”, Fasanya said.
Prof. Stephen Aliu, Team Leader, Centre for Entrepreneurship Development and Wealth Creation and Faculty Member, ICLED Business School, said fostering growth and development of MSMEs would require relevant stakeholders to implement best practices as done in other climes.
“SMEs often face challenges in accessing finance due to limited collateral or credit history.
“Governments and financial institutions should develop tailored financial products such as microloans, venture capital funds, or crowd funding platforms to provide affordable and accessible financing options for SMEs.
“Additionally, promoting financial literacy and offering business advisory services can help SMEs improve their financial management capabilities.
“Simplify regulations and reduce bureaucratic barriers, enhance entrepreneurship education and training, foster innovation and technology adoption, facilitate market access and internationalisation and build supportive ecosystems.
An Information and Communication Technology (ICT) Centre is set to be established in Omoku, Ogba/Egbema /Ndoni Local Government Area of Rivers State.
The initiative is being championed by the Omoku People’s Forum, a global association of Omoku elites, under the leadership of its President-General, Dr. George Ada Ubah.
As part of efforts to ensure the successful execution of the project, a prominent son of Omoku, Chief (Barr.) Dennis Masi, has been appointed by the Forum as the Chairman of the ICT Centre Project Committee, entrusted with the responsibility of coordinating and driving the initiative to fruition. Upon completion, the ICT Centre is expected to serve as a major hub for the training and empowerment of youths in digital and technological skills, equipping them to actively participate in the increasingly technology-driven global environment.
The project is also widely regarded as a significant step towards positioning Omoku as an emerging ICT hub within Rivers State, fostering innovation, digital literacy, and economic development in the region.
Concerned Rivers Chiefs For Peace And Development has said it formation was not politically motivated or has any links to political parties or candidates.
The group which said this at a media briefing at Abuloma in Port Harcourt City Local Government Area said it’s formation has nothing to do with politics.
According to the text for the briefing jointly signed by Chief Boma Kele Oyika it’s chairman and Chief Inemo T Ikama Deputy Secretary General said the organization is expected to focus on conflict Resolution, community engagement, collaboration with government and private sector actors
‘it mandate also includes promoting peace building initiative, supporting local economic empowerment programms and strengthening traditional institutions in our state and beyond as partners in governance ”
It said the body is led by a team of respected traditional leaders serving as trustees
“Their collective leadership reflects a blend of experience cultural authority and grassroots connection
“Key elements considered vital for addressing long standing,socio economic and security challenges in the region”
The release further says ” the formation of this organization comes at a time when communities in Rivers state continue to navigate between issues ranging from youth unemployment, environmental concerns and intermittent conflicts amongst the traditional rulers and beyond
“By bringing together influential traditional figures under a unified platform, the group aims at serving as stabilizing force while advocating for inclusive development policies ” it said
It also described its emergence as a new chapter in grass roots leadership and regional development
Earlier, chairman of the body, Chief Boma Kele Oyika said the organization will work with relevant authorities to promote peaceful coexistence in the state, reduce crime and promote economic development.
He said it is open to all Chiefs from the 23 local government areas.
The Chairman of The Nigeria Delta Chamber of Commerce, Trade, Mines and Agriculture NDCCTMA,Ambassador Idaere Gogo Ogan and the Managing Director of the Niger Delta Development Commission ( NDDC ) Dr Samuel Ogbuku have challenged Niger Delta entrepreneurs to close the gap in Gross Demostic Products (GDP) differences between the region and that of the South Western part of the country by coming home to invest.
The two leaders spoke at a business round table organized by NDDCTMA in Port Harcourt
Chairman of NDDCTMA Ambassador Idaere Gogo Ogan, said to close the gap between the south west region which he said has a GDP seize of about #59 trillion and that of the Niger Delta which is about #34 trillion was to massively invest in the region.
He said no other persons can do this except sons and daughters from the region.
“For me I believe in statistics,I believe in data and everyday I looked at the data concerning development in Nigeria and from the GDP point of view, the South West has #59 trillion, that is the seize of the south west region economy, the second region following them is the Niger Delta region with GDP seize of #34 trillion,so there is a yearning gap of #25 trillion that separates the south west and the Niger Delta region, that is why we are here”
Ogan said the region has the capacity to close the gap and even surpassed it but regretted that indigenes of the region have chosen to ignore it in terms of investment.
“We need to close that gap .If we close that gap and even surpassed it,all the negative problems of militancy and unemployment will automatically erase “he said
Ogan said the event was organized to remind the people that past efforts of militancy and agitations have not led the region to any where
“That is why we are gathered here in this room “he said.
Also speaking Managing Director/Chief Executive officer of the Niger Delta Development Commission( NDDC) Dr Samuel Ogbuku urged indigenes of the region not to use the problem of insecurity as an excuse to continue to deny the region of investment as every part of the country have in one time or the other experienced crisis.
Ogbuku said most indigenes have displayed high level of unpatriotism towards the region by taking investments that would have benefited the people to either Lagos or Abuja.
“With little threat we have left the city,we have gone to Lagos,we have moved our families to Abuja and Lagos
“If you go round GRA all the property, you will see,”to let to let”most of them are now empty “he said.
The NDDC MD said despite the fact that people from the region are doing well in the oil and gas, banking and other sectors, its impact are not being felt at home because they are stationed outside the region.
He said time has come for potential investors from the region to have a change of heart by coming home to invest.
John Bibor