Friday, March 29, 2024

FG plans better business environment for SMEs

The Federal Government is set to boost the operations of stakeholders in the Small and Medium Enterprises sector as it plans to create more business friendly environment for them.
Minister of State for Industry, Trade and Investment, Hajiya Aisha Abubakar, who disclosed at the 2017 African SME Expo in Lagos, said the development is a way of ameliorating the challenges of access to fund, proper financial record and multiple taxation among others being faced by operators in the sector.
She said the government intended to provide adequate infrastructure, leverage on technology to ensure business owners prepare an international standard business plans and financial record.
“The best solution to the infrastructural decay and lack of access to fund challenges of SMEs would be to fast track completion of several on-going road constructions across the country and leverage on technology.
“Once the roads are completed and right technology in place, operators would access factories and market easily and they will be able to use technology and SME-based tax, it will be shared appropriately and will reduce the hassles of multiple taxation where different people come to require taxes of them,” she said.
The minister, who expressed satisfaction with the creativity of the exhibitors at the four day event, noted that most of the products on display were exportable and could contribute to the Gross Domestic Product of the country.
Similarly, Deputy Governor of Bayelsa State, Rear Admiral John Jonah (Rtd), explained that exhibitors and other Nigerian SME operators are endowed with vast human and natural resources and such programmes will create multiplier effects in stimulating local and national economies and employment for the teeming youths in the country.
He described the collaborative efforts of the government, organisers of the exhibition and SMEs as the building blocks to the next millennium, stressing that, the government would embrace and support their initiative in the state.
Deputy Governor, Kogi State, Dr. Simon Achuba, said, “I am impressed by the creativity displayed by the exhibitors, especially the young entrepreneurs. Most of their products can be exported. I have encouraged them to work closely with the government.
“If they can come up with strong business plans, financial institutions would grant them loans and that means the country is on its way out of the embarrassing unemployment rate. A vibrant SME sector can sustain our economy and makes it compete favourably with other developing nations across the globe.”
The organiser of the expo, Ambassador Abdulkadir Musa, explained that the capacity of African nations to favourably compete in the global SMEs market depends on their ability to innovate and apply the relevant mechanism to SMEs industry and productive sectors.
According to him, their willingness to propel and sustain the development and growth of this sector requires serious investment in the generation of knowledge that meets the demands of the society, fosters stability and sustains growth and development according to the basic international standards in development goals such as the Millennium Development Goals, which has the eradication of global poverty as its optimum mandate.
He said, “A large percentage of the population in Africa survives on informal labor. Some African people, particularly the untrained youth are currently finding it difficult to secure stable formal employment. Therefore the prevalence of this informal sector creates great risk, which can result in economic and political instability as evidenced in some recent events in some Northern Africa and Arab States.
“African SME Expo responds to these needs by fostering the development of adequate technical and cognitive skills that promote new ways of thinking, a productive workforce and inspire entrepreneurship. It will also cultivate a sense of social responsibility, social inclusiveness, and enable citizens to make informed decisions.”

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