By Ikenna Uwadileke
The National Association of Small and Medium Enterprises (NASME), says that it will inaugurate one billion Naira Youth and Women Investment and Empowerment Fund in Aug.
The President and Chairman Governing Council of NASME, Dr Abdulrashid Yerima said this on Tuesday in Abuja at the commemoration of the 2023 MSME Day.
The day was organised by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
Represented by Mr Victor Joseph, the Chairman FCT Chapter of NASME, Yerima said that the initiative was essential in supporting women and youths in entrepreneurship.
“In line with our commitment to youth and women empowerment, NASME will launch the one billion Naira youth and women investment and empowerment fund in Aug. as part of our 2023 youth empowerment conference,’’ Yerima said.
According to him, the significance of MSME Day cannot be overstated because it highlights the invaluable contributions of the sector to the world economy and the attainment of sustainable development goals.
“Today, we gather here to celebrate the International MSME Day, a day dedicated to recognising and raising awareness about the crucial role of Micro, Small, and Medium-sized Enterprises (MSMEs) as drivers of economic growth, poverty reduction, and job creation.
“The significance of this day cannot be overstated, as it highlights the invaluable contributions of MSMEs to the world economy and the attainment of sustainable development goals,’’ he said.
Yerima further described the MSME Day celebration as a testament to the critical role played by enterprises in fostering creativity, innovation, and providing decent employment opportunities.
“It serves as a platform to shed light on the challenges faced by MSMEs, such as limited access to funding, quality education, technology, skill development and market opportunities.
“According to the United Nations, MSMEs account for up to 90 per cent of businesses globally, generating 70 per cent of jobs and making substantial contributions to the global GDP.
“These statistics highlight the immense impact that MSMEs have on both local and global economies,’’ he said.
While highlighting some of the challenges confronting the MSME sector, Yerima emphasised the need to address funding as a major constraint to the growth of MSMEs.
“In Nigeria, our MSMEs face pressing challenges revolving around digital maturity, security, productivity, efficiency, competitiveness, and growth.
“While digitalization plays a vital role, we must also address the crucial issue of funding.
“Despite the efforts of the Federal Government of Nigeria in implementing financial inclusion programs and digitalization initiatives, there is still a significant gap that needs to be bridged, particularly for credit underserved MSMEs.
“Empowering these small businesses is essential for shaping the future of Nigeria,’’ Yerima said.
He canvassed for stronger collaboration among stakeholders with a view to scale up the activities of MSMEs.
“As NASME, we commemorate World MSME Day annually, recognising the immense value that MSMEs bring to our nation.
“Let us continue working together to empower and uplift our MSMEs, fostering an environment where they can thrive and contribute to the growth and prosperity of Nigeria.
“Together, we can build a brighter future for our country and ensure that the contributions of MSMEs are duly recognised and celebrated,’’ Yerima said. (NAN)
