The Federal Government on Monday pledged increased support for Micro Small, and Medium-scale Enterprises (MSMEs) in the country to fight unemployment and spur economic growth.
Mr Niyi Adebayo, the Minister of Industry, Trade, and Investment, made the pledge on Monday in Abuja, during a Capacity Building Training for MSMEs.
The training was organised by Quantum Mechanics Limited in conjunction with the ministry.
Adebayo said that his ministry would continue to do everything possible to see the growth of MSMEs in the country.
He said that the Bank of Industry had committed N1.3billion to support the sector, adding that additional 1.3million jobs would be created across the country.
The minister said that the fund would support the growth of MSMEs and artisans.
Also speaking at the programme, Mr Michael Olugbemi, a Development Consultant, emphasised the importance of MSMEs to economic growth and job creation.
READ ALSO: Nigerian govt promises support for MSMEs
Olugbemi, who delivered a paper titled, “MSMEs; Beyond Survival’’ urged small businesses to look beyond surviving and make plans for sustainable growth.
He said that the Federal Government’s support of such small businesses at the outbreak of COVID-19 underscored their importance to the economy.
“MSMEs are the backbone of every economy, so, it makes sense if the government is worried if they are not well-positioned.
“They contribute about 48 percent to our Gross Domestic Product (GDP), employing about 60 million people, accounting for 80 percent of employment and 7.5 percent of total exports,’’ he said.
Olugbemi commended the Federal Government for its various support initiatives to ensure the survival of small businesses and urged the business owners to design strategies for growth and increased employment.
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