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The National Economic Council (NEC) on Thursday discussed the current state of the country's economy and decided to enhance the situation, notably by offering support for the growth of Micro, Small, and Medium Enterprises (MSMEs).
NEC emphasized that MSMEs, contributing 49 percent of the nation’s Gross Domestic Product (GDP), are crucial to the economy.
This decision was made during the 141st meeting at the Presidential Villa in Abuja, chaired by Vice-President Kashim Shettima and attended by leaders from the Institute of Chartered Accountants of Nigeria (ICAN).
According to a statement by Stanley Nkwocha, senior special assistant to the President on Media and Communications (Office of the Vice President), Shettima encouraged the council members to evaluate the administration's progress and implement measures to strengthen the economy.
He stated that while it is important to plan for stability, it is crucial to recognize that our economy is not just made up of large corporations. Although these companies are essential for monitoring the country's productivity and employment statistics, it is the Micro, Small, and Medium Enterprises (MSMEs) that should be our primary concern.
"Small and medium-sized enterprises (MSMEs) make up approximately 96 percent of all businesses in the country and contribute 49 percent of the national GDP, making them crucial to our economy. The recent efforts to improve the economy have caused disruptions that have significantly impacted the industry.
"We must acknowledge this reality and take immediate action to minimize the damage and ensure the survival of these businesses to fulfill President Tinubu’s promise of job creation and poverty eradication. The Vice-President emphasized that access to capital must be at the forefront of our efforts.
"Our current agenda focuses on the interventions designed to support small businesses, whether it's addressing inflationary impacts or tackling high-interest rates at financial institutions. Our goal is to ensure the survival and prosperity of these enterprises.
The vice president also highlighted the importance of digital technology in the growth and sustainability of small businesses, citing the Investment in Digital and Creative Enterprises (iDICE) as a program aimed at enhancing these businesses. He emphasized the potential of the creative and digital economic sector and how iDICE can provide a competitive advantage for our people.
The Vice-President mentioned President Tinubu’s administration’s commitment to fiscal responsibility and management, citing a recent positive rating of Nigeria’s economic outlook by Fitch, a global credit rating agency.
"This rating reflects increased confidence in the nation’s economy, demonstrating transparency in financial dealings and protections" he said
