…. MSMEs contribute 48% to GDP.
The Federal Government on Tuesday, said it is keen to help Micro, Small and Medium Enterprises (MSMEs) to achieve their full potential, NewsSpecng learnt.
The FG also noted that it has developed strategic policy interventions, enshrined laws and established institutions to create a supportive business environment for entrepreneurs and MSMEs.
The President, Muhammadu Buhari disclosed this at the opening ceremony of the Abuja Chamber of commerce (ACCI), Abuja International Trade Fair (AITF), which was held at its headquarters in Abuja, on Tuesday.
The fair which kicked off on 30th September is expected to run till 9th October 2022.
The President who was represented by the Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, added that the MSME segment is critical to the stimulation of economic development, Stating that Nigeria is estimated to be home to over 40 million MSMEs who, together, contribute about 48% of our GDP.
Niyi also said “While the Federal Government is doing its part, we need to rethink our impression that MSMEs are small businesses and focus on how they can be energised as vehicles for economic growth. As always, the Federal Government remains committed to ensuring ease of doing business and creating an enabling environment for businesses to thrive.
“This trade fair provides an opportunity to change the narrative of what MSMEs are and demonstrates how innovative they can be. “
Also Speaking,The President of ACCI,Dr Al Mujtaba Abubakar, said the AITF is aimed at promoting businesses and also strengthening trade and Investment opportunities in the country.
He said ‘Aside promoting businesses, the 17th AITF will also strengthen trade and investment opportunities in the country, thus, offering a neutral and open atmosphere for blue chip companies, trade groups/associations, and government,” he said.
Also speaking, the Vice President of ACCI, and Chairman of the Trade Fair Organising Committee, Dr Johnson Anene said the Fair is Organised to promote Nigerian made Products and train exhibitors on how to improve the quality of their products in order to compete with both national and international market.
He said, “The benefit is for every exhibitor to penetrate new Market and those coming to partake. You can see a lot of new products are being introduced in the market, we want to make sure that these products get to its final consumers.”