SMEDAN Targets 70% MSME Contribution To Nigeria’s GDP

The Acting Director- General, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Mr Olawale Fasanya said that the agency is targeting a contribution of 70 per cent from Micro Small and Medium Enterprises (MSME) to Nigeria’s Gross Domestic Product.

Fasanya stated this in his speech delivered at the inauguration of the Ministries, Departments and Agencies Focal Persons Group for the implementation of the revised National Policy on MSMEs.

Advertisement

He disclosed that the current National Policy on MSMES is an improvement on previous editions with clear recommendations of what the various actors and enablers should be doing to ensure that Nigeria’s MSMEs sub- sector is globally competitive.

He said, “The revised National Policy on MSMEs largely seeks to ensure MSMEs in Nigeria are active, innovative and globally competitive.

“With over 39 million MSMEs according to the 2021 SMEDAN/NBS survey report, the minimum target to be realized before the expiration of the Policy in 2025 is to ensure an enabling environment is created for each of the MSMEs to grow.

“Create a minimum of one extra employment which currently stands at over 61 million and also push the sub-sector’s contributions of the Gross Domestic Product from the current 49 per cent to 70 per cent.”

Advertisement

The Minister of State for Industry, Trade and Investment, Amb. Mariam Katagum, stated that with the approval of the 2nd revised National Policy by the Federal Executive Council on March 17th, 2021, SMEDAN sought the assistance of the Investment Climate Reform (ICR) Facility to initiate a Coordination Mechanism for effective tracking of the various MDA-specific actions.

She added that key Ministries, Departments and Agencies which are instrumental to the development of the MSME subsector have nominated Focal Persons that will serve as the contact points and initiators for the policy recommendations.
The Director-General, Abuja Chamber of Commerce and Industry (ACCI), Ms Victoria Akai in her remarks stated that the Chamber will support the MSMEs to thrive.

She said, “The chamber appreciates the leadership role being played by SMEDAN as the umbrella body of MSMEs in Nigeria, and will continue to support SMEDAN’s effort as a state chamber and at the national level through the Nigerian Association of Chambers of Commerce Industry, Mines and Agriculture” (NACCIMA).”

Leave a comment

Advertisement