Vice President, Prof. Yemi Osinbajo, has reiterated Federal Government’s determination to give more support to the growth of Micro, Small and Medium Enterprises in the country.
Osinbajo gave the assurance at the inauguration of 2019 GEM MSMEs Expo and Conference in Abuja.
Represented by Festus Keyamo, the Minister of State for Labour and Productivity, Osinbajo said that the country could come out of economic recession due to the support that MSMEs received.
According to him, the government interventions geared toward supporting the growth of MSMEs has also contributed to Nigeria’s 131st position from 146 in 2018.
Nigeria moved up 15 places in the 2020 World Bank’s ranking in the Ease of Doing Business.
The News Agency of Nigeria reports that the World Bank’s 2020 Doing Business Index ranked Nigeria 131 out of 190 countries.
He said: “Government has a pivotal role to play in promoting enterprises and beyond this we will ensure that the appropriate legal framework is in place for MSMEs to thrive.”
In her remarks, the Minister of State, Industry, Trade and Investment, Ambassador Mariam Katagum, said that the scheme would support local production of goods and services in the country.
According to her, apart from supporting local production, the GEM scheme will further assist the 107 beneficiaries to produce goods for export.
She, however, said that effective communication channel and access to raw materials were critical for the benficiaries to succeed.
Some of the beneficiaries told NAN that providing necessary infrastructure like power would guarantee the success of the scheme.
Joel Adeola, a footwear producer, said that six million naira grant from the scheme had given him a boost in his production.
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