MSME Summit: FG emphasizes partnerships as a means of competitiveness

Ibekimi Oriamaja Reports

According to the Federal Government, it will work with pertinent stakeholders to ensure that Nigeria’s Micro, Small and Medium-Sized Enterprises (MSMEs) are competitive on a global scale.

This was said by Amb. Mariam Katagum, Minister of State for Industry, Trade, and Investment, yesterday in Lagos.

According to her, “This Summit, which is a component of the private sector initiative towards the development of MSMEs, further reflects the government of Nigeria’s resolve to enter into partnerships that would make Nigerian MSMEs competitive on a global scale. I can assure you that this effort is producing fruitful results, but I am confident that the collaboration with key stakeholders will continue.

John Opaluwa, a Deputy Director in the ministry, who served as the minister’s representative, reaffirmed the Federal Government’s commitment to continuing to develop and implement policies and programs that would affect MSMEs as well as to building an environment that would encourage domestic investment and draw Foreign Direct Investments (FDIs) in all areas of the economy.

Dr. Wale Fasanya, director general of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), also spoke at the event and highlighted the enormous opportunities that the digital economy offers the MSMEs sector in developing nations like Nigeria.

He said, “There are undoubtedly many opportunities for MSMEs in emerging economies like ours in the digital economy. By facilitating better and quicker access to information and communication between employees, suppliers, markets, and the network, it appears to reduce transaction costs.

The ability to assist MSMEs in integrating into international markets while reducing the costs of border crossing and transportation operations is significant, and it also greatly expands the potential for service trade.