MSMEs will boost domestic, foreign investments under Tinubu’s administration – Perm Sec, Ngige

The Federal Government, on Tuesday, reiterated its commitment to reposition the Micro, Small and Medium Enterprises (MSMEs) sector to stimulate domestic investments and attract Foreign Direct Investments (FDIs).

The Permanent Secretary in the Ministry of Industry, Trade and Investment, Dr Evelyn Ngige, made this known during an event to commemorate the 2023 World MSME Day organized by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).

Ngige also expressed the President Bola Ahmed Tinubu Government’s commitment to formulating and implementing policies, programmes and projects that would impact MSMEs.

Ngige, who Mr John Okpaluwa represented, said that prioritizing the development of MSMEs was pertinent to building a better and stronger economy.

She further expressed the Federal Government’s determination to formulate policies that would create an enabling environment to stimulate domestic investments and attract Foreign Direct Investments (FDIs) in all sectors of the economy.

According to her, this would make Nigeria a preferred investment destination in Africa and the world.

“We are all aware that Micro-, Small and Medium-Sized Enterprises (MSMEs) are the mainstay of economies globally, playing a critical role in promoting innovation, creativity and decent work for all.

“It is with cognizance of this that the United Nations declared June 27 annually as MSME Day to raise awareness of their significance, especially in achieving the 2030 Agenda for Sustainable Development Goals (SDGs).

“The theme of this year’s event has further invigorated the importance and the critical role MSMEs play in the resuscitation of the world economy, especially the developing countries like ours.

“It is against this backdrop that prioritizing MSMEs development becomes pertinent in building back a better and stronger economy given the shocks and crises that have disrupted the global working environment for entrepreneurs, especially MSMEs.

“This is why the Federal Government of Nigeria is committed and has shown sustained interest in repositioning the sector for efficiency, growth and development,” Ngige said.

The Director-General of SMEDAN, Dr Olawale Fasanya, said that MSMEs contribute over 59 million jobs as of 2021, amounting to around 84 per cent of the total labour force in Nigeria and more than 48 per cent of nominal GDP.

“MSMEs are uniquely placed to participate and contribute to the rebound and vibrancy in these areas,” he said.