SMEs play critical role in diversification agenda – Enelamah

Dr. Okechukwu Enelamah, the Minister of Industry, Trade and Investment, on Friday said that Small and Medium Enterprises (SMEs) played a critical role in government’s diversification agenda.

Enelamah made the assertion while delivering a keynote address at the 5th EU–Nigeria Business Forum in Lagos titled “Harnessing Nigeria’s Potential for Economic Growth.’’

The minister noted that SMEs were the foundation of the economy and played an important role in the economics of trade.

According to him, the EU–Nigeria bilateral relations will create a robust opportunity for both entities to deepen trade ties.

He hailed the Nigerian SMEs on their efforts in creating employment for majority of Nigerians, contributing almost 50 per cent of GDP.

“SMEs are the foundation of our economy; they are the largest employers of labour, endowed with a wellspring of innovation to turn the economy around,’’ Enelamah said.

The minister explained that the present administration was working hard to create a business- friendly environment for all players in the Nigerian business space.

He noted that the Federal Government was fine-tuning the Nigerian industrial revolution plan to make it more relevant and respond to the present economic challenges.

Enelamah assured SMEs of government’s resolve to improving the ease of doing business, adding that the ministry would be working with relevant agencies to help SMEs access funds for their businesses.

He said that the government would not fail in its obligation to partnering the organised private sector to revamp existing trade policies for deepening trade in the country.