The Federal Government has announced that it will allocate one billion naira to the Nigerian Association of Small and Medium Enterprises (NASME) for the Youth and Women Empowerment Funds.
Dr Doris Anite, Minister of Industry, Trade, and Investment, stated this on Thursday at the 2023 West Africa SMEs Exhibition in Abuja.
According to the News Agency of Nigeria (NAN), the event’s topic is “MSMEs 4.0: Enhancing Quality, Productivity, Competitiveness, Resilience, and Sustainability in an Era of Digital Transformation.”
Anite, who was represented by Charles Odii, Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), stated that the government was also planning to construct a technological incubation hub in Abuja.
According to her, the plan intends to create more than one million employment in the country’s diverse economic sectors.
“These initiatives demonstrate our commitment to fostering entrepreneurship, creating job opportunities, and significantly contributing to our nation’s economic growth.”
“This is with the Federal Ministry of Industry, Trade and Investment and SMEDAN partnering with NASMEs and with the endorsement of the Federal Government of Nigeria,” she went on to say.
“The West Africa SMEs Exhibition will serve as an important platform, bringing together industry leaders, policymakers, and stakeholders.”
“It will help to harness the potential of the African Continental Free Trade Area (AfCFTA), promote trade, foster economic development, and create new opportunities for businesses across the West African region,” the minister added.
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The minister praised the event’s organizers for their commitment to furthering the economic growth, entrepreneurship, and sustainability of the MSMEs sector.
“I would like to express my heartfelt appreciation to NASME, ECOWAS, UNIDO ITPO Nigeria, and SMEDAN for extending this invitation.”
“This event signifies a significant milestone in our collective pursuit of empowering and transforming the Nano, Micro, Small, and Medium-sized Enterprise’s sector in Nigeria and the broader West African region” .
Dr Nasir Raji, Director-General of the National Productivity Centre, expressed optimism that the initiative’s goal would be met while praising the event’s organizers.
He also reaffirmed the center’s commitment to assisting members and NASMEs as needed.
Ubadigbo Okonkwo, Chairman of the NASMEs Board of Trustees, also spoke, highlighting the many issues faced by small businesses in Nigeria and Africa.
According to him, every African government must maintain microeconomic stability in order for SMEs to grow.
“Another important factor is economic diversification based on SMEs.”
“Trade integration is another important factor that will aid African economic growth.”
We have welcomed AFCFTA because it is the best approach to grow our numerous enemies in Africa.
Earlier, Dr Abdulrashid Yerima, President and Chairman of NASMEs’ Governing Council, stated that the exhibition’s purpose was to bring MSMEs in technology together with investors, grant givers, and financial institutions.
The show, according to Yerima, will also provide a platform for them to engage and identify firms that they wish to support.
He stated that the one billion Naira empowerment fund would be used to provide vocational education to youths and women in sectors such as clean technology, renewable energy, and digital innovation.
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