Group tasks government on MSME development in Nigeria
Sustainable Entrepreneurship and Economic Development Initiative (SEEDi), has called on the Federal Government to begin the process of producing a Micro, Small and Medium Enterprises (MSMEs) development plan in Nigeria, for the benefit of small businesses in commemoration of the World MSME Day.
According to the group, small businesses are faced with a myriad of challenges beyond access to finance; these include unavailability of non-financial services, high cost of doing business, multiple taxes, stifling business ecosystem, and reducing purchasing power of the masses.
Lead Partner, SEEDi, Celestine Okeke, urged government to without delay, direct its Ministries, Department and Agencies (MDAs) saddled with the responsibilities of promoting small businesses to begin the process of producing an MSME development plan.
Okeke said the MSME development plan being advocated for should take into consideration, the peculiarities of doing business for small businesses across sectors of the Nigerian economy, the challenges small businesses face, and more importantly, how to surmount them.
“While we acknowledge and appreciate that small businesses need finance to sustain and or scale up their enterprises, we want to restate that the fundamentals of starting, sustaining and scaling up small business enterprises transcend beyond mere access to finance. This fact came into the fore more prominently with our experience as a country with the YOUWIN award winners.
“As we mark the World MSMEs Day, it is our hope that the present administration will take more interest in supporting MSMEs to thrive by improving the ecosystem they operate in, enable them to better their enterprises and then, support them to access finance after mastering the act of business best practices,” he said.