The Nigerian Association of Small and Medium Enterprises (NASME) has announced a N2 billion empowerment fund to transform the Micro, Small and Medium Enterprises (MSMEs) sector.
Dr Abdulrashid Yerima, the association’s National President, stated this at a media briefing on Friday in Abuja, announcing the 2023 West Africa SME Exhibition, which would take place from October 26 to October 28.
According to Yerima, the ‘MSME 4.0 Program and Empowerment Funds’ were created to assist MSMEs in capitalizing on the opportunities and benefits of the Fourth Industrial Revolution (4IR) and the African Continental Free Trade Agreement (AfCFTA).
Adopting digital technology and solutions, he claims, may boost SMEs’ performance, market position, and flexibility in a changing environment.
This initiative, with the subject MSME 4.0: Enhancing Productivity, Competitiveness, Resilience, and Sustainability in an Era of Digital Transformation, is poised to bring about major positive change for MSMEs and the country as a whole.
“In recognition of the evolving digital landscape and the need for our MSMEs to thrive in this digital age, NASME is proud to unveil the MSME 4.0 Program and Empowerment Fund in collaboration with a coalition of partners.”
“NASME has pledged one billion Naira to a Youth Empowerment Fund and another billion Naira to a Women Empowerment Fund.”
“These funds are intended to encourage entrepreneurship and create one million job opportunities, significantly contributing to our national economic growth,” he stated.
While predicting that the expo will capitalize on the AfCFTA’s potential, Yerima stated that it will encourage commerce, foster economic development, and provide possibilities for enterprises throughout West Africa.
“Our common objectives for this event include job creation, income generation, poverty reduction, increased GDP, improved competitiveness of MSMEs, increased trade within the sub-region, and structural transformation of West Africa’s economy,” he added.
According to him, the exhibition will host the inauguration of the program and the empowerment fund.
According to Yerima, the initiative will provide training, mentoring, networking, access to markets and funding, as well as other support services to participating MSMEs.
Earlier, the Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, represented by the ministry’s Chief Industrial Officer, Mr Esther Ajibola, reaffirmed the government’s commitment to supporting the growth of MSMEs in the country.
Similarly, Dr Olawale Fasanya, Director-General of the Small and Medium Enterprises Development Agency (SMEDAN), who was represented by Mr Monday Ewans, Director of Enterprise Development in SMEDAN, emphasized the need of embracing digital technologies and solutions that may benefit enterprises.
“The agency is also committed to continuing to assist MSMEs in overcoming the obstacles they face.”
“We are aware that MSME face issues such as a lack of finance, poor infrastructure, ineffective legislation, competitiveness, and a lack of managerial skills, among others.”
“SMEDAN is committed to assisting MSMEs in meeting challenges, reducing poverty, and creating jobs,” Fasanya stated. (NAN)
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