NACC seeks integration of MSMEs in global value chain for growth
The Nigerian American Chamber of Commerce (NACC) has emphasized the need for managers of the Nigerian economy and stakeholders to prioritise developmental efforts towards driving Micro Small and Medium Enterprises’ (MSME) development and integrations into the global value-chain.
Indeed, the chamber noted that the world is in an era in which micro small medium enterprises are needed for economic growth and development, pointing out that their impact is systemic and all-encompassing: from the integration of essential goods and services like apparel and fashion, beauty and wellness, foods and beverages, art and crafts to the promotion and establishment of non-oil exports.
NACC President, Olabintan Famutimi, at the second edition of the African food and products exhibition and conference themed “Non-oil exports: Scaling up productivity to meet global demand’’ said the chamber will continue to remind all stakeholders of the need to promote and preserve micro small medium enterprises and to apply international best practices and other relevant frameworks, such access to market, access to business funding, export value chain process, and the full implementation of the African Growth Opportunity Act (AGOA).
According to him, the two-day event is expected to have over 2,000 attendees from across Nigeria including exhibitors showcasing their products and services to a large target audience, stressing that the fair is an extraordinary and unprecedented exhibition with the sole objective of promoting the development of trade, commerce, and capacity of indigenous businesses.
“Stronger cooperation and coordination within the sectors, tailored to the realities of each context and mindful of each component’s mandate, competences and skills, will allow us to do so. And this is what the Nigerian-American Chamber of Commerce is aggressively promoting even with this exhibition and conference,” he added.
The US Consul General, John Bray represented by the Regional Agricultural Counselor, Jude Akhidenor, stated that with Africa’s population set to double by 2050, modernizing local economies, in particular the massive agricultural sector should continue to become a focused area for development in Nigeria.
He stressed the need for private enterprises to work closely with the federal government at all levels to create many more jobs, saying that the population growth combined with climate change will exert increasing pressure on natural resources, such as food, water and land.
He added that United States Development of Agriculture and Foreign Commercial Service (FCS) are among many United States agencies in Nigeria helping to build capacity across the country to boost agricultural productivity and trade with the United States.
The Managing Director, Bank of Industry (BoI) represented by its Executive Director, SMEs, Waheed Olagunju, said the theme resonates the inherent concern that exists over Nigeria’s heavy reliance on oil revenue, adding that agriculture is one of six sectors identified for growth in the Economic Recovery & Growth Plan(ERGP), advising that agriculture should not be treated as just a social sector intervention for managing poverty but more as a business for creating wealth and empowering citizens.
He said globally, agribusiness is becoming much stronger and more concentrated, maintaining that according to the World Bank, Africa’s agriculture and agribusiness trade are projected to reach $1 trillion by 2030 as compared to the current market size of just under $350 billion.
“This three-fold increase would translate to more jobs, greater prosperity, less hunger and significantly more global trade for African farmer. It is evident that the agricultural sector is competing on a global scale and scaling up productivity will help Nigeria become a leading player, regionally and internationally,” he said.
He commended the chamber for organizing the summit and tasked all agriculture stakeholders and key players to take advantage of the opportunities present today so that Nigeria can realize its future potentials.