September 27, 2018

MSMEs need incentives for voluntary conformity to standards — SMEDAN

MSMEs need incentives for voluntary conformity to standards — SMEDAN

Participants at Vanguard Economic Forum Series on MSMEs

By Naomi Uzor

THE Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has urged policymakers to provide incentives aimed at ensuring voluntary conformity to standards by Micro Small and Medium Enterprises (MSMEs).

Director General, SMEDAN, Dr. Dikko Umaru Radda, said this at the Nigerian-American Chamber of Commerce (NACC) September Breakfast Meeting, tagged “Setting New Standards in Sustainable SME sector Development in Nigeria”.

He said policymakers should sensitize MSMEs on the relevance of standards by making information on standards and technical regulations accessible to them.

Participants at Vanguard Economic Forum Series on MSMEs

Dikko who was represented by Director, Enterprises, Development & Promotion, SMEDAN, Mr. Monday Ewans, noted that MSMEs provide the platform for increasing the global competitiveness of the country and is a key driver towards achieving the objectives of the nation’s Vision 20:2020.

He stated: “It is my belief that the quickest and most effective way to impact the average Nigerian and for Nigeria to achieve the desired economic breakthrough is to devote time, attention and resources to grow the MSMEs sub-sector. This sub-sector is the legacy that we will leave behind. It is the future of Nigeria. Most countries across the globe have done this and achieved tremendous results.”

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According to him, one of the most critical challenges confronting Nigeria as a nation is how to ensure that the nation’s strong macro-economic performances translate to improvements in the living standards of the citizens and growth in the MSMEs sub-sector. He added that government has a role to ensure that national technical infrastructure works for firms.

“Collaboration with the private sector increases the chance that regulation and implementation are business-friendly. Note that support measures can promote one sector over the other whether internationally or not. These include investment decisions regarding technical infrastructure, setting up a laboratory to test food additives, a crash testing institute for vehicles or a financial sector regulatory institution, involve different types of expertise,” he stated.