SMEs heroes of Nigerian economy, Enelamah says

The Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, has described the operators of Small and Medium Scale enterprises, SMEs as the unsung heroes of the Nigerian economy.

The minister stated this even as indicated his ministry’s readiness to play a critical role in the nation’s economy, especially now that government is poised to diversify the economy away from oil in a sustainable manner during a meeting with interest groups and trade associations, in Lagos on Friday.

According to Enelama, he plans to achieve this through creating an enabling environment for industry, trade and investment in the country through the implementation of the Nigeria Industrial Revolution Plan (NIRP).

Enelamah said the current administration is poised to attract long-term local and foreign investments, despite the current challenges facing the nation.

Read also: CBN to fund one million graduates in SMEs‎

The Minister maintained that there has been consistent investor interest and attention on Nigeria, adding that this is good news given the difficult macroeconomic environment in which the nation has found itself with the dwindling oil price. He however, advised that the renewed interest on the country should not be taken for granted, but seen as a timely opportunity to carry out a fundamental reform of the economy.

“Operators of SMEs are the unsung heroes of our economy. Currently, they contribute about half of Gross Domestic Product (GDP) and possess the potential to be even more productive if given the right incentives,” he stated.

According to him, these are extraordinary times for Nigeria and its citizens, as oil prices on which the nation depends for 75 per cent of revenues and 90 percent of foreign exchange earnings are down by 70 per cent since mid-2014.

“If we continue with the good policies of the present administration, there will be nothing like a tomato glut anywhere in Nigeria in the next two years.

“We as off-taker will produce and process to meet our local demands and export to earn foreign exchange, provided government continues to support manufacturing,” he stated.

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