MSMEs Backbone Of Nigerian Economy, Says VP Shettima

Nigerian Vice President, Senator Kashim Shettima, has described the Micro, Medium, and Small Enterprises (MSMEs) as the backbone of the nation’s economy, accounting for a
Over 90% of Nigeria’s businesses rely on it, and it accounts for approximately 45 per cent of the country’s economy.
While he also stated that MSMEs account for 80% of the nation’s jobs, he argued that the growth of the Nigerian economy is impossible without MSMEs.
The Vice President, who was represented at the event by the President’s Deputy Chief of Staff (CoS), Senator Ibrahim Hadija, revealed this while commissioning the Benue State Fashion and ICT hub as well as the Benue State Printing and Publishing Corporation in Makurdi on Tuesday. He stated that the hub in Benue has the potential to create approximately 48,000 jobs annually.
He explained, “Our most recent visit marked the start of a series of interventions aimed at providing a lifeline to small businesses throughout Nigeria. These interventions not only show the administration’s willingness to collaborate with governments. It also demonstrates President Bola Ahmed Tinubu’s determination to continually create opportunities that meet our country’s needs.
“Today, as we commission this dual MSME hub, we bear witness to two critical tools; first, the tools that our promises are not mere rhetorics; and second, it affirms that the most durable interventions we have achieved as a government are borne of strong intergovernmental partnerships.
“Since the start of this administration, we have opened five MSME clinics throughout the state. Surprisingly, we are in Benue for the second time, so while some states await the first MSME clinic, Benue has already moved on to the second stage.
“When we gathered here early this year, we pledged to launch this project in collaboration with the state government. Today, we see that promise fulfilled in record time, and I assure you that this is only the start of great things to come.”
Vice President Shettima went on to say, “The Benue fashion and ICT hub, along with other hubs established across the nation, represents the federal government’s interventions designed to foster a conducive business and regulatory environment for MSMEs in Nigeria, allowing MSMEs to thrive and prosper. As you are all aware, MSMEs are the backbone of the Nigerian economy, accounting for more than 90% of all Nigerian businesses and contributing more than 45% of our GDP.
“Without them, 80 per cent of Nigeria’s current workforce would be out of work. MSMEs are, in fact, the lifeline of communities across the country, serving as a strong pillar of stability during this critical period of economic transition. The Nigerian economy will not be able to grow if the growth and success of MSMEs are not prioritised by this government.
“However, we recognise that MSMEs in Nigeria continue to face numerous challenges that impede their growth and prosperity.” The President Bola Ahmed Tinubu administration has provided interventions such as the Benue fashion hub and other hubs established across the country to demonstrate its strong commitment to addressing these challenges.
“These hubs help MSMEs clusters in a variety of industries, including fashion and textiles, leather, ICT, agriculture, and cold room facilities. Later this year, we hope to establish new clusters for mechanic cities, printing, barber shops, shoe making, and wellness. The Benue hub is the largest federal government-commissioned project to date.
“We are confident that this hub will meet global standards and have the potential to generate approximately 48,000 jobs per year. We hope that this hub will become a reference point for excellence, enterprise, and training, particularly in the country’s north.
“We are also confident that the magnificent partnership will provide a tremendous opportunity for Benue state to expand its identity beyond being the nation’s food basket, transforming it into a fashion and ICT destination, and revitalising Benue’s rich cultural and fashion heritage,” the Vice President said.
Tola Adekunle, Senior Special Assistant to the President on Job Creation and MSMEs, also spoke at the event, stating that the Federal Government was ready to assist all State Governments in succeeding through MSMEs.
The Senior Special Assistant to the President also praised Governor Hyacinth Alia’s achievements and encouraged him to do more for the Benue people.
In his speech at the event, Benue State Governor Rev Fr Hyacinth Alia stated that the Fashion hub embodied the people’s collective vision for a prosperous, creative, and empowered Benue.
Alia stated that the hub was President Bola Tinubu’s initiative and a gift to the state, as part of his administration’s agenda to promote creativity, foster innovation, create employment, and provide opportunities for the Benue people.
He stated, “The Fashion Hub to be commissioned demonstrates that we are not only expanding the labour market but also supporting the skills required. Benue is endowed with numerous resources that have largely gone untapped and underutilised over the years.
“I dare to say that the future of our dear state is not solely dependent on agriculture or the production and processing of commodities; it also includes diversification based on industrialisation, leveraging the state’s abundant talent.
‘The project is intended to harness our youth’s abundant talents and transform them into thriving businesses that will significantly contribute to the growth of our economy.”
Meanwhile, Dr Doris Uzoka Anitte, Minister of Industries, Trade, and Investment, praised the Vice President for his commitment to the country’s industrialisation.
She notes that MSMEs have made significant contributions to Nigeria’s socio-economic development over the years and have been the ministry’s top priority.
The Minister praised Governor Alia for his visionary leadership and commitment to the betterment of Benue people, saying MSME was the driving force behind job creation and rural industrialisation.
Minister of Water Resources and Sanitation Prof Joseph Utsev also praised President Tinubu and Governor Backbonelia for ensuring that the project was completed on time.
Prof Utsev went on to say that the facility would increase employment and boost the economy and that other states in Nigeria would soon follow suit.