Without MSMEs, 80% of workforce will be without jobs – Shettima

Vice President Kashim Shettima has admitted that without the contributions of Nigeria’s Micro, Small and Medium Enterprises (MSMEs), about 80 per cent of citizens who fall under the workforce bracket will have no jobs.

Shettima disclosed this in Abuja on Thursday at the World Day celebration/International Dialogue which had as the theme: “Call to Action: Provision of Sustainable Single Digit Loans for MSMEs.”

The vice president who was represented by the Deputy Chief of Staff to the President, Ibrahim Hassan Hedejia, said, “46 per cent of GDP contributions is from MSMEs which account for 96 per cent of Nigeria’s business.”

He added, “Without MSMEs, 80 per cent of workforce will be without employment which is why there is a need to ensure that single digit financing is sustained for MSMEs across all sectors of the economy.”

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Hadejia further stated that the federal government is currently partnering with the African Union and other organisations to ensure that MSMEs have access to financing and loans at an affordable rate.

Also speaking, Dr Monique Nsanzabaganwa, the deputy chairperson of African Union Commission announced that, “By 2030 the AU aims to unlock $100bn for women and youths MSMEs for them to access different markets and job opportunities. African Union Commission will bring a coordinated approach such as governments, private sector among others and we want to champion single digit financing for African MSME,”

Earlier in his remarks, the Special Assistant to the President on Job Creation and MSMEs, Temitola Adekunle-Johnson, noted that the federal government led by President Bola Tinubu is championing a conducive atmosphere for MSMEs to thrive, adding that the “RAPID programme through the BOI is to disburse credit to enterprises at single digit on a 3-year tenure and moratorium of six months.”