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Economy: We must maintain momentum on MSMEs, says Osinbajo

By Terhemba Daka, Abuja
27 September 2022   |   2:38 am
Vice President Yemi Osinbajo has declared that the Federal Government’s momentum built on the Micro, Small and Medium Enterprises (MSMEs) sector, in the last seven years, must be maintained,

[FILES] Yemi Osinbajo

Vice President Yemi Osinbajo has declared that the Federal Government’s momentum built on the Micro, Small and Medium Enterprises (MSMEs) sector, in the last seven years, must be maintained, given its crucial position in the economy.

Osinbajo spoke, yesterday when he received members of the Made in Nigeria Project, led by Mr. Adedeji Alebiosu, on a courtesy visit to the Presidential Villa, Abuja.

The group, representing a coalition of MSMEs in Nigeria, was at the Villa to commend the Federal Government and appreciate its support for MSMEs in the country over the past seven years.

Osinbajo said: “We must be as determined as possible, going forward, in maintaining the momentum built over the years in the MSME space.

“How we sustain the MSME Clinics, how it is institutionalised in a way that incoming vice presidents or presidents are obliged to pay close attention to whatever is happening in the sector, is very important.”

The Vice President assured stakeholders in the country, saying: “We will make sure that we provide everything that is required to enable the incoming administration to step into the positions that we have created in the MSME space. We are in a very good place.”

Speaking about the Made in Nigeria concept and the need to develop local capacity, the Vice President said: “We must find where we fit in, in that value chain. It is true that no economy can be entirely self-sustaining. But it is important to emphasise that we have the capacity to do a lot in our country.

“What we need to do is to find our comparative advantage and develop capacity in the value chain around the manufacturing of electric vehicles, arms manufacturing etc.”

He added: “There is a bigger challenge in manufacturing of items, creating jobs and wealth. So, we have got to think in terms of scale.”

Earlier in his remarks, Alebiosu praised the government’s commitment and support for the growth of small businesses in the country.

He particularly acknowledged the contributions of the government through key interventions, noting that they positively impacted small businesses in the space.

According to him, interventions “such as the MSME Clinics, the Survival Fund, and the MSME Awards, among others, have positively impacted many small businesses over the years.”

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