Unemployment: FG to register 250,000 MSMEs free, Minister says

The Federal Government has said that it would register 250,000 Micro Small and Medium Enterprises (MSMEs) for free as part of measures to tackle unemployment and empower youths in the country.

The Minister for Industry, Trade and Investment, Otunba Adeniyi Adebayo, said this on Monday in Abuja at the Grand Finale of the 2020 Ugwumba Enterprise Challenge for young leaders’ business start-ups, organised by the Ugwumba Centre for Leadership Development in Africa (UCLDA).

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According to him, the youths are a very significant part of any economy and Nigeria has a large youthful population, which are made up of creative, innovative, agile, and hardworking individuals with potentials to become global leaders.

He said that with their energy channelled in the right direction, it could bring transformation to the nation.

“However, data from the Nigerian Bureau of Statistics shows that youths make up 64 percent of the total unemployed Nigerians. Partly as a result of this, many Nigerian youths, being ever resilient have directed their creative energy, ideas and innovations into establishing MSMEs. These now constitute about 96 percent of the total number of enterprises, 50 percent of National GDP and 70 percent of the nation’s workforce.

He said that the government has commenced the review of Nigeria’s Investment Policy to promote investments that meet the country’s economic development objectives within the pillars of ‘RIBS’ (Responsible, Inclusive, Balanced and Sustainable Policy framework).

“Right now, under the Economic Sustainability Plan, the government is funding registration for 250,000 MSMEs, which would be registered at zero cost. We are also concessioning two Brownfield Special Economic Zones (SEZs) while commencing work on developing four additional greenfield sites across the country,” Adebayo said.

On his part, the founder and President of the Ugwumba Centre for Leadership Development in Africa (UCLDA) and a former Commissioner for Land and Urban Development in Imo State, Ugwumba Uche Nwosu, said that one of the initiatives of the Ugwumba Leadership Centre was the Ugwumba Enterprise Challenge.

“This is an annual business pitching and grant competition to assist young entrepreneurs and innovators in Africa between 18 and 30 years to turn their skills, ideas and passions into profitable business ventures and social enterprises.

“This is the third editions of this challenge and this year, winners will win N1m, N700,000; N500,000; N300,000; N200,000 respectively; while the sixth winner will win N100,000 personally donated by the Otunba Adeniyi Adebayo,” Nwosu said.

Also, the UCLDA Chairman and Emir of Dass, Bauchi State, Alhaji Othman Bilyaminu Usman, urged the nation’s youths to engage in profitable initiatives, in their interest and that of the country, especially utilising the MSMEs.