January 27, 2023

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MSMEs engines of financial development -Minister

The Minister of State for Trade, Commerce and Funding, Amb. Mariam Yalwaji Katagum, says the Micro, Small and Medium Enterprises (MSMEs) are the engines of financial development and contribute almost 50% of the Gross Home Product (GDP) and over 80% of employment in Nigeria.

Katagum acknowledged this in Abuja throughout the fiftieth anniversary of the Normal Group of Nigeria (SON).

She stated it actions, particularly via 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 this Administration.

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

“​In acknowledgement of its constant implementation of reforms geared toward making its providers 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 doable with out the sturdy help of successive governments particularly the assorted Ministers of Trade and Commerce,” she stated.

Additionally, the Director Common of SON, Mallam Farouk Salim, stated 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 among the many high rating globally.
In accordance with him, whereas this imaginative and prescient is achievable, the Organisation might want to surmount extreme challenges akin to political, modifications in Authorities insurance policies like the customarily eradicating the of Group at factors of entry amongst others .

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He stated to fulfill the anticipated challenges, there’s have to evolve as a dynamic and progressive physique investing within the following important areas Environment friendly workforce with the required talent set, innovative expertise, acceptable and strategic infrastructure and enhanced significant collaboration with stakeholders.