MSMEs Key To Boosting Economic Growth —SMEDAN DG

To experience accelerated economic growth in the country, the federal and state governments must encourage the growth of Micro, Small and Medium Enterprises, the Director-General, Small and Medium Enterprises Development Agency of Nigeria, Mr. Bature Masari, has said.
He said the contribution of MSMEs to the nation’s Gross Domestic Product was too significant to be neglected by the governments and other stakeholders in the economy.
Masari spoke in Abuja at a two-day training organised by the Global Women Investors and Innovators Network.
The programme was designed to assist women in the workplace to become successful through the use of some special skills.
The SMEDAN DG, who was represented by the Director, Engineering, Technology and Infrastructure, Mr. Abu Ozigi, said the way forward for the country was to commit more resources to the growth of the small business sector.
Further highlighting the importance of the sector, Masari said, “The 2013 national survey conducted by the agency in conjunction with the National Bureau of Statistics revealed that there were 37 million MSMEs in Nigeria, employing 59.7 million persons (representing about 84 per cent of the labour force) and contributing 48.5 per cent to the GDP.”
He said paucity of funds was one of the major challenges facing the agency, while stating that MSMEs had contributed 7.3 per cent to the country’s export drive.
“It is in recognition of this imperative that the Federal Government introduced the National Enterprise Development Programme to holistically address the challenges militating against the optimal performance of MSMEs towards employment generation, wealth creation and poverty alleviation,” he noted.
According to him, the agency will like to see more micro enterprises becoming medium firms in order to create more jobs and enhance GDP growth in the long run.
Masari further said the national policy on MSMEs was developed in 2007 and was reviewed and approved by the Federal Executive Council on May 13, 2015.
While listing some of the achievements of the agency, the SMEDAN DG advised the participants to take the training seriously and bring whatever knowledge they had acquired to bare in the running of their various enterprises.

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