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MSMEs bedrock of Nigeria’s economy – Osinbajo

Vice President Yemi Osinbajo says the federal government believes that Micro, Small and Medium Enterprises (MSMEs) are the bedrock of the country’s economy. The Vice…

Vice President Yemi Osinbajo says the federal government believes that Micro, Small and Medium Enterprises (MSMEs) are the bedrock of the country’s economy.

The Vice President said this on Friday while speaking virtually at the official launch of the 2021 Bank of Industry (BOI) SME Academy, in conjunction with Procter & Gamble (P&G).

Prof. Osinbajo said the Buhari administration will not relent in its support for innovative ideas and interventions that would help Micro, Small and Medium Enterprises (MSMEs) thrive.

He said this, in turn, grows the economy and creates more employment opportunities for young Nigerians.

The Vice President, who lauded the private sector for supporting the growth of small businesses through such initiative as the SME Academy, said the vital role MSMEs play in driving economic growth is one reason why the Buhari’s administration decided to support vulnerable ones that have been affected by the COVID-19 global pandemic.

He said that the administration’s support for MSMEs is in tandem with its focus to also create more opportunities for young Nigerian entrepreneurs, and why it developed the Economic Sustainability Plan (ESP) to cushion the socio-economic effects of the pandemic on Nigerians.

“Entrepreneurs with the lowest turnovers are the most vulnerable to economic shocks like those that the pandemic has engendered and we must support them.

“One way we have begun implementing this is through the Survival Fund; offering payroll support to small businesses in order to safeguard at least 1.3 million jobs and offering interest-free credit for daily-paid and self-employed artisans,” Osinbajo said in a statement issued by his spokesman Laolu Akande.