FG ‘ll explore MSMEs to tackle inflation – Agba

The federal government has said it would utilize the opportunities in the Micro, Small and Medium Enterprises (MSMEs) to tackle inflation and boost the nation’s economic development. The Minister of State for Budget and National Planning, Prince Clem Ikanade Agba, said this on Thursday in Abuja at the fourth strategic planning meeting of the forum […]

The federal government has said it would utilize the opportunities in the Micro, Small and Medium Enterprises (MSMEs) to tackle inflation and boost the nation’s economic development.

The Minister of State for Budget and National Planning, Prince Clem Ikanade Agba, said this on Thursday in Abuja at the fourth strategic planning meeting of the forum of MSME business membership organizations of Nigeria (MSME forum).

“In Nigeria, the contribution of SMEs to GDP between 2015 and 2020 was put at 48 per cent on average. SMEs account for 50 per cent of industrial jobs and nearly 90 per cent of activities in the manufacturing sector.

Agba represented by his special adviser, Mr Sufyan Ojeifo also said the biggest cost to business operations of MSMEs according to the latest survey by PWC is electricity as indicated by 21 percent of the enterprises; while the second and the third are rent and cost of capital before employee cost, taxes and transportation.

The Minister of Agriculture and Rural Development, Dr. Mohammad Mahmood Abubakar, represented by Director, Agrubusiness and Market Development Dept, Mr. Emmanuel Olaleye, said that the reform in the agricultural sector, making agriculture a money-making business rather than a developmental programme would be to the advantage of the MSMEs and also empower smallholders’ producers.

Also, the Chairman, Board of Trustees (BoT) of the MSME forum, Dr. Albert Olajide Akinyemi, represented by the Director General, GLOCHEED, Mrs. Rose Gyar, said that the socio-economic challenges facing the country can be tackled with the full optimization and utilization of the MSMEs.