Vice President Kashim Shettima, whose MSMEs make up 46% of Nigeria’s GDP and 96.4% of all enterprises, has emphasised the critical role MSMEs play in the expansion and development of any country.
Shettima emphasised that MSMEs can address unemployment and instability during her speech on the 2024 International MSME Day, and she urged sub-national authorities to prioritise them.
The Office of the Senior Special Assistant to the President on Job Creation and MSMEs, in partnership with the African Union Commission, organised the event with the theme “Call To Action: Provision of Sustainable Single-Digit Loans for MSMEs.”
Shettima acknowledged MSMEs as the backbone of the global economy, employing 60% of the workforce, and expressed gratitude for the support of the African Union Commission. She was represented at the event by Ibrahim Hadejia, Deputy Chief of Staff to the President, Office of the Vice President.
Additionally, we must persuade subnational officials to value MSMEs and accord them the attention they merit since they boost the GDP and aid in the fight against unemployment.
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“When you really take all of this into account and think about the kind of impact MSMEs will have when given the necessary attention, I believe we should start looking at development in that sector as a solution to both security and unemployment.”
MSMEs make up 96.4% of all firms in Nigeria, provide roughly 46% of the country’s GDP, and, in the absence of them, 80% of the country’s workers would be unemployed. These figures show us that when MSMEs grow, Nigeria grows as well,” the speaker stated.
The vice president stressed the significance of MSMEs to economic growth in Nigeria and abroad, and he took the opportunity to thank the African Union Commission for working with the Nigerian government to support MSMEs in the nation.
“As everyone knows, MSMEs are the foundation of the world economy overall as well as the Nigerian and African economies. It employs more than 60% of all workers worldwide and makes up 90% of all enterprises worldwide.”
It is understandable, therefore, that the United Nations has set aside today, June 27, to honour MSMEs and commemorate their contribution to the economies of countries everywhere,” he continued.
Through its Women and Youth Financial and Economic Inclusion Initiative (WYFEII), the AU Commission is focused on unlocking $100 billion for youth and women participating in MSMEs, according to Monique Nsanzabaganwa, deputy chairman of the commission.
According to her, the programme is one of several set aside to support small businesses in Africa, and it aims to release the cash by 2030.
“WYFEI 2030, the African Union Women and Youth Financial and Economic Inclusion Initiative, is one of these initiatives that I am extremely delighted to have supported. The goal of WYFEI 2030 is to provide a partnership framework for the deliberate and responsible implementation of the African Union’s 2020–2030 decade of women’s financial and economic inclusion. Dr. Nsanzabaganwa revealed that WYFEI 2030 seeks to provide $100 billion for at least 10 million women and youth SMEs by 2030.
Temitola Adekunle-Johnson, Senior Special Assistant to the President on Job Creation and MSMEs, stated that Africa can attain single-digit facilities for MSMEs. She also commended the AU Commission for helping MSMEs in Nigeria.
“I am confident that, as a continent, we can take action to address this issue and successfully attain single digit growth rates for MSMEs. No country in the world can thrive without giving its MSMEs a lot of consideration. The presidential assistant said, “They are the lifeblood of any country.
Panel discussions on single-digit loans for MSMEs in Africa and building a sustainable business climate for their growth were also part of the MSMEs Day event.
