The Minister of Industry, Trade and Investment, Dr. Olusegun Aganga has said that the Micro, Small and Medium Enterprises, MSMEs contributes 75 per cent to national employment.
Speaking at the opening ceremony of the Eight Developing Countries, D-8 SME Governmental Bodies meeting in Abuja, Aganga who noted that MSMEs represent 97 per cent of the businesses in Nigeria thus representing one of the most important sectors of the nation’s economy, noted that the sub-sector cannot be ignored.
The D-8 meeting, being hosted by the Small and Medium Enterprises Development Agency, SMEDAN with the theme: “Promoting Green SMEs or Sustainable Development”, comprise Nigeria, Indonesia, Turkey, Egypt, Bangladesh, Malaysia, Pakistan and Iran.
Aganga said, “The growth in this sector is directly correlated with growth in the economy as a whole and in the level of employment throughout Nigeria”.
“To broaden access of finance for SMEs, we are partnering with commercial banks such as stanbic IBTC, first bank, fidelity bank, diamond bank to provide them with a steady pipeline of SME to finance, this process will reduce the search, cost, monitoring and evaluation cost for the SMEs.”
“Nigeria has experienced unprecedented growth in its economy. Nigeria is ranked the top investment destination in Africa, the largest economy on the continent of Africa, amongst the top 10 fastest growing economy in the world and with the highest potential of industrialization in Africa.”
“These achievements has been due to the reasonable level of macro stability that we have achieved in Nigeria in spite of the global recession and also due to the strong policies of the current administration in line with the transformation agenda of his Excellency Mr. President Dr. Goodluck Ebele Jonathan.”
“Nigeria is a blessed country and has some of the most entrepreneurial people in the world.”