The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) says greater synergy by public sector institutions within the Micro, Small and Medium Enterprises (MSMEs) ecosystem would drive the overall development of the sub-sector.
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Its Director-General, Dr Dikko Umaru Radda, made the assertion on Thursday in Lagos, at Nigerian-American Chamber of Commerce (NACC) March 2020 breakfast meeting.
The News Agency of Nigeria (NAN) reports that the meeting had as its theme: “Sustainable Entrepreneurship – a Win-Win Strategy for the Future”.
“Sustainable entrepreneurship is key to opening the country to global competitiveness aimed at elevating the nation’s placement among the most economically advanced nations in the world.
“Rather than MDAs competing and working at cross-purpose, there is the more demanding need for all activities that border on MSME devt to be properly coordinated, monitored and measured for impact.
“The sector therefore needs all the support it can muster from all stakeholders in order to survive in this era of open markets, competition and global economic crisis” Radda said.
He also said that there should be deepening of reach of MSME-friendly funds such AGSMEEIS, especially for start-ups.
According to him, more funds should be pumped into infrastructure development through Public Private Partnership and provision of workspaces and common facility centres in major clusters be provided.
Radda listed other areas of assistance required by MSMEs to include adequate power and water supply, reduced tax rate, funding, security, and transportation.
He called for enhanced capacity of MSMEs to take advantage of export windows such as African Growth and Opportunity Act (AGOA) and Africa Free Trade, amongst others.
Radda advocated the establishment of a dedicated MSME Bank and called for increased patronage in the procurement process of the federal, state and local governments, to address the issue of access to markets.
The DG said that the MSME sub-sector in Nigeria had vast potential, in spite of some challenges.
He said that government’s deliberate action at creating enabling environment through Presidential Enabling Business Environment Council (PEBEC) was laudable.
Radda said that the stable democratic environment and the resilience of MSME operators was also worthy of note.
He reiterated the agency’s continued strategic support for sustainable entrepreneurship, saying, it was the only guaranteed strategy for economic development.
In his address of welcome, Mr Toyin Akomolafe, National President, NACC, said the choice of theme of the event was apt due to the current economy situation in the country.
He said the economy was affected by the fall in crude oil price globally, rising inflation, and the current global health challenges.
Akomolafe said that a win-win strategy was one that ensured the satisfaction of all parties in entrepreneurship by perceiving new business openings, new items, new techniques for creation, among others.
“Sustainable entrepreneurship is able to create employment, enhance products, processes, establish incipient companies and changes people’s lives.
“Most importantly, it should be noted that entrepreneurship for sustainable development is supposed to result in more than economic prosperity,” he said.