BY Francis Akinnodi

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Vice President, Prof. Yemi Osinbajo has restated the belief of the federal government in the capacity of Small and Medium scale enterprises (SMEs) to stimulate economic activities and provide jobs.
According to him, “The federal government believes wholeheartedly that SMEs are the bedrock of the economy and we are constantly aiming to support innovations that can help SMEs grow and in turn, groom the economy and provide job opportunities.
“The government has been working diligently and creatively on engaging the most vulnerable businesses especially during this current crisis.”
He said SMEs development and growth remains a vital tool to nation building, adding that stakeholders must continue to strategies to drive the growth and development of local SMEs as the bedrock of Nigeria’s economic development.
Also, the Minister for Industry, Trade and Investment, Mr. Adeniyi Adebayo reiterated the need to create a favorable business environment for SMEs in Nigeria.
He said: “The Federal Ministry of Industry, Trade and Investment is committed to providing SMEs the required support and trainings needed to consistently project their businesses in an upward trajectory.
“We achieve this through information-driven support vital in building a better playing field for commerce in the entire nation.”
Reacting on the development, Ondo State Chairman, Nigeria Association of Small Scale Industrialists (NASSI), Greatsheyi Akintunde highlighted the need to continuously support SMEs in Nigeria, saying they have the potential to outrightly transform the country.
Akintunde added that, “In line with the focus of Nigeria’s economic recovery and growth plan to drive industrialisation and economic growth through globally competitive SMEs, relevant stakeholders must work together to improve the standard, ensure longevity, and facilitate integration into global value chains.
“For over 27 years in Nigeria, P&G has consistently partnered with the Nigerian government to promote strong investor policies and practices that drive inclusive growth, jobs, and welfare of Nigerian citizens.”
The Hope reports that the Bank of Industry remains committed to transforming Nigeria’s economic sector through funding, strategic partnerships and strengthening of our technology and operations especially during the era of the COVID-19 pandemic and current global economic challenges, which has left many businesses struggling to survive.