In order to make Nigeria’s Micro, Small, and Medium-Sized Enterprises (MSMEs) globally competitive, the Federal Government has stated that it will collaborate with pertinent stakeholders.
This was said by Amb. Mariam Katagum, Minister of State for Industry, Trade, and Investment, yesterday in Lagos during the third MSME Summit of the Vanguard Economic Forum Series.
As part of the private sector drive to support the development of MSMEs, this summit further demonstrates the Nigerian government’s determination to form alliances that will enable Nigerian MSMEs to compete on a global scale, she said. I am confident that the cooperation with pertinent stakeholders will continue, even as I reassure you that this endeavor is producing fruitful results.
In the capacity of John Opaluwa, a Deputy Director in the ministry, the minister reaffirmed the Federal Government’s commitment to developing and implementing policies and programs that will affect MSMEs and to fostering an environment that will encourage domestic investment and draw in foreign direct investments (FDIs) across the economy.
Speaking at the occasion as well, Dr. Wale Fasanya, Director General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), listed the numerous prospects that the digital economy offers to the MSMEs sector in developing nations like Nigeria.
In rising economies like ours, the digital economy clearly offers MSMEs a number of options, he said. On the surface, it lowers transaction costs by facilitating faster and better information access and communication between employees, vendors, markets, and networks.
Because it greatly expands the breadth of trade services, it is important because it can assist MSMEs in integrating into international markets while reducing the expenses involved with border operations and transportation.
