February 4, 2023

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MSMEs engines of financial development, employment – Minister


The Minister of State for Trade, Commerce and Funding, Amb Mariam Katagum has harassed that Micro, Small and Medium Enterprises (MSMEs) are the engines of financial development.

In accordance with the minister, additionally they contribute almost 50 per cent of the Gross Home Product (GDP) and over 80 per cent of employment in Nigeria.

Amb. Katagum, who famous this in Abuja throughout the fiftieth anniversary of the Customary Group of Nigeria (SON) famous that given her function on the forefront of the promotion of presidency’s insurance policies on the Ease of Doing Enterprise and the promotion of the expansion of MSMEs, she ready to vouch for the constructive function of SON within the development of this sector.

She stated it actions, particularly by way of the MANCAP scheme, have contributed immensely to the elevated acceptability of Nigerian made merchandise within the worldwide market, which is without doubt one of the achievements of the current administration.

“The function of SON in reaching that is apparent as the reassurance of adherence to internationally accepted requirements, which SON ensures, will eradicate technical limitations to commerce, making our merchandise extra aggressive.

“In acknowledgement of its constant implementation of reforms geared toward making its companies extra simply accessible to the general public, SON has been ranked first within the Ease of Doing Enterprise by the Presidential Enabling Enterprise Setting Council (PEBEC).

“The accomplishments of SON, over the previous 50 years, couldn’t have been attainable with out the robust help of successive governments particularly the varied Ministers of Trade and Commerce,” she stated.

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Additionally, the Director Common of SON, Mallam Farouk Salim whereas acknowledging the modest achievements and strides of SON within the final 50 years, stated his imaginative and prescient for the Organisations within the subsequent 50 years is to be the foremost standardization physique in Africa and globally.

He famous that whereas the imaginative and prescient is achievable, the Organisation might want to surmount extreme challenges similar to political, adjustments in Authorities insurance policies like the customarily eradicating the of Group at factors of entry amongst others .

To satisfy the anticipated challenges, he stated, there may be must evolve as a dynamic and revolutionary physique investing within the following crucial areas Environment friendly workforce with the required ability set, innovative know-how, applicable and strategic infrastructure and enhanced significant collaboration with stakeholders.