MSMEs vital for Nigeria’s growth —Osinbajo

Vice President Yemi Osinbajo has said it is no longer possible to achieve a robust growth trajectory in the country without proper attention to the Micro Small and Medium Enterprises (MSMEs) sub-sector of the economy.

He said the attention was important for the country to realise the much desired inclusive growth.

Osinbajo made this known on the side line of the ongoing 11th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN).

The Vice President, who was represented by the Secretary to the Government of the Federation (SGF), Boss Mustapha, said the sector not only contribute significantly to the economy but also serve as an impetus for economic diversification.

He, however, stated that government is currently working round the clock to put the country in its rightful place in the world economy, adding that this would be achieved through the provision of key physical infrastructure, technology and innovation as well as conducive atmosphere for small businesses to thrive.

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Also speaking, the Managing Director of Heritage Bank Plc, Ifie Sekibo, tasked commercial banks to intervene in building a formidable economy driven on the wheel of Small and Medium Scale Enterprises (SMEs), noting there is a lot of value and opportunities in the SMEs sector.

He said the bank was ready collaborate with operators of MSMEs to grow them into generational conglomerates.

“We believe that businesses like yours are the backbone of the economy because you create jobs and play a huge role in moving our country out of this present recession.

“I encourage you to rise up to this challenge facing every Nigerian entrepreneur and make our economy vibrant again,” Sekibo said.

 

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