NASME launches N2 billion MSMEs empowerment fund

The Micro, Small, and Medium Enterprises (MSMEs) sector is slated to undergo a revolution, according to the Nigerian Association of Small and Medium Enterprises (NASME), which has pledged a N2 billion empowerment fund.

This was stated by Dr. Abdulrashid Yerima, the association’s national president, during a press conference held on Friday in Abuja to announce the 2023 West Africa SME Exhibition, which would take place from October 26 to October 28.

According to Yerima, the ‘MSME 4.0 Programme and Empowerment Funds’ were created to assist MSMEs in maximising the possibilities and advantages of the Fourth Industrial Revolution (4IR) and the African Continental Free Trade Area (AfCFTA).

He contends that SMEs may perform better, hold a stronger position in the market, and be more adaptable to a changing environment by implementing digital technology and solutions.

This programme is positioned to have a substantial positive impact on MSMEs and the country as a whole under the topic MSME 4.0: Enhancing Productivity, Competitiveness, Resilience, and Sustainability in an Era of Digital Transformation.

“NASME is happy to announce the MSME 4.0 Programme and Empowerment Fund in acknowledgment of the changing digital landscape and the necessity for our MSMEs to prosper in this digital age.

“NASME will donate one billion Naira to a fund for youth empowerment and another one billion Naira to a fund for women empowerment.

According to him, “These monies are intended to encourage entrepreneurship and create one million job possibilities, considerably contributing to our national economic progress.

Yerima predicted that the exhibition will maximise the benefits of the AfCFTA and would encourage trade, economic growth, and commercial prospects throughout West Africa.

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“Our shared goals for this event include job creation, income generation, poverty reduction, higher GDP, improved MSMEs’ competitiveness, increased trade within the sub-region, and the structural transformation of West Africa’s economy,” he continued.

He claims that the expo will serve as the venue for the programme and empowerment fund launches.

Yerima stated that the scheme would provide the participating MSMEs with training, mentoring, networking, access to markets and finance, among other support services.

Prior to that, Dr. Doris Uzoka-Anite, the minister of industry, trade, and investment, reiterated her commitment to supporting the expansion of MSMEs in the nation through Mr. Esther Ajibola, the ministry’s chief industrial officer.

In a same vein, Dr. Olawale Fasanya, the Director-General of the Small and Medium Enterprises Development Agency (SMEDAN), stressed the need of embracing digital technologies and solutions that can benefit businesses. He was represented by Mr. Monday Ewans, Director of Enterprises Development at SMEDAN.

“The agency is also committed to continuing to help MSMEs get past their obstacles.

“We are aware that MSME face a number of challenges, including a lack of funding, a subpar infrastructure, incorrect legislation, a lack of competitiveness, and a lack of managerial skills.

SMEDAN is dedicated to assisting MSMEs in overcoming obstacles, reducing poverty, and generating employment, according to Fasanya. (NAN)