Vice President Kashim Shettima has warned that the reports of Nigeria’s vulnerability to flooding in 2024 is not pleasing and called for serious preparedness and vigilance by all stakeholders to mitigate the effect.
The vice president disclosed that while the tragedy associated with flooding may be natural, it is imperative to take proactive measures to “prevent this annual cycle of loss of lives and properties.”
Shettima spoke on Thursday during the 141st meeting of the National Economic Council (NEC) at the Presidential Villa, Abuja.
The NEC meeting also deliberated on the impact of Micro, Small, and Medium Enterprises (MSMEs), with the vice president, saying that it remains the backbone of the Nigerian economy.
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On the MSMEs, he said: “As we plan for stability, we must remember that the backbone of our economy isn’t solely composed of our big corporations. While these entities play a vital role in tracking the nation’s productivity and employment data, it is our Micro, Small, and Medium Enterprises (MSMEs) that should keep us awake at night.
“Accounting for about 96% of all businesses in the country and contributing 49% of the national GDP, MSMEs are the backbone of our economy. The past few months of our efforts to mend the economy have caused disruptions that have sent shockwaves throughout the industry. We cannot afford to ignore this reality; immediate intervention is essential to mitigate the damage and ensure their survival.”
To achieve President Tinubu’s promise to create jobs and eradicate poverty, VP Shettima noted that access to capital must be a central driver of the target.
The vice president underscored the role of digital technology in the growth and sustainability of small businesses, tipping Investment in Digital and Creative Enterprises (iDICE) as “a work in progress to upscale these businesses.”
