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Draft policy on MSMEs out — Adebayo

By Anthony Otaru, Abuja
22 November 2020   |   3:55 am
The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, has revealed that the federal government has successfully developed a draft national policy on the Micro, Small, and Medium Enterprises (MSMEs) with outlining key strategies and programme.

The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo,  has revealed that the federal government has successfully developed a draft national policy on the Micro, Small, and Medium Enterprises (MSMEs) with outlining key strategies and programme.

The minister explained that the policy would assist government to establish more entrepreneurs, create jobs and reduce poverty in the country.
Adebayo further said that government is currently conducting 26 MSME clinic events at various locations across the country to massively boost the skills and capabilities of the segment that will about 400,000 MSMEs even as the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has equally embarked on some actions aimed at ensuring the growth of Smal and Medium Scale Enterprises (MSMEs) in the country.

Adebayo gave the details yesterday in a virtual keynote address to the 5th Lagos Small Business Summit 2020,

The minister disclosed that government has also launched an innovative portal to provide access to various resources required by SME operators, and established a matching fund programme targeted at labor-intensive, micro or small enterprises operating in the real sector with innovative value-added products.

Otunba Adebayo said at the height of the COVID-19 pandemic, the government initiated a proactive approach by creating and Emergency Operations Centre (EDC) which facilitated availability and movement of food items, pharmaceutical and other essential products across the geo-political zones and assisted over 100 companies to boost the production of Personal Protective Equipment, hand sanitizers, face mask and ventilators during lockdown.

A statement signed by his Special Assistant on Media, Ifedayo Sayo also quoted the minister as saying that government has equally launched various palliative measures for MSMEs such as the N100 billion MSME Investment Fund, N15 billion MSME Guaranteed Off-take Stimulus Scheme and the N60 billion MSMe Survival Fund to help cushion the impact of the COVID-19 pandemic as well as stimulate industrial activities and secure jobs.

He noted, ‘’Our palliative measures are part of a broader N2.3 trillion Economic Sustainability Plan (ESP) which aims to limit expected decline in economic growth from the corona outbreak and minimize the accompanying prospects of business failures, job losses and increased poverty’’

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