By Francis Akinnodi

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The Small and Medium Enterprises Development Agency (SMEDAN) has said the Micro, Small, and Medium Enterprises (MSMEs) remained the engine for critical economic growth and poverty reduction in the country.

Acting Director-General of SMEDAN, Mr. Olawale Fasanya stated this while answering questions on a television programme monitored by The Hope at the weekend.

He noted that challenges facing the agency are numerous but said, “it’s our duty to strategise on ways to reposition SMEDAN towards effective service delivery to MSMEs sub-sector in the country.

Fasanya said the COVID-19 pandemic had affected the growth of Micro, Small, and Medium Enterprises (MSMEs) in the country.

He said the impacts of the pandemic had resulted in trade deficits and losses for nearly all the key sectors of the economy.

He said retreats have been organised to address challenges confronting the Agency across the country and tasks stakeholders to brainstorm in finding solutions.

According to him, challenges confronting the agency in the country include most especially inadequate funding.

The acting director-general said that based on a recent national survey, there has been a reduction in the number of MSMEs from 41 million to 39 million in the country.

Fasanya said the reduction had adversely affected employment, and affected Nigerian families and the economies of the nation.

Also, an Investor, Adeniyi Olawole, said MSMEs were the bedrock of the economy because they were substantially exposed to business ideas.

He urged SMEDAN to bring policies that would enhance MSME’s business across the country.