VP Kashim Shettima reveals why MSMEs must focus on security

• Nigeria’s Vice President, Kashim Shettima, has tasked MSMEs to not only focus on job creation but to create solutions to improve security
• Shetima said the sector should not only be viewed from the prism of jobs but must find solutions to Nigeria’s security challenges
• He said the country’s dwindling oil resources call for creative thinking among MSMEs

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment, and the economy for over a decade.

The vice president of Nigeria, Kashim Shettima, has said that Micro, Small, and Medium Enterprises (MSMEs) across the country should be seen as a means of job creation and a solution to some of the security challenges facing the nation.

Speaking at the International Dialogue on Financing MSMEs in Africa to commemorate the 2024 World MSMEs Day, the vice president said that with oil revenue slipping from 6.6 percent in 2022 to about 5.2 percent in 2023, there is a need to harness the numerous benefits of MSMEs.

Nigeria's Vice President, Kashim Shettima, charges MSMEs on security and job creation Credit: State House
Source: Facebook

Shetima charges entrepreneurs with security

Legit.ng attended the event, which was themed ‘Call to Action: Provision of Sustainable Single-Digit Loans for MSMEs’ and organized by the Office of the Senior Special Assistant to the President on Job Creation and MSMEs in collaboration with the African Union Commission. 

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Ibrahim Hadejia, the vice president's Deputy Chief of Staff, represented the vice president at the event.

Shettima said: 

“You know, really when you put them in perspective, the kind of impact that MSMEs will have, we will begin to look at development in that sector as a solution not just to unemployment but also to security as the case may be.”

He noted that Nigeria marks this year’s MSMEs Day by bringing the issues facing MSMEs to the forefront while proffering solutions. 

He said this is also a day Nigerian MSMEs are rewarded for their hard work over the years.

MSMEs contribute the largest workforce globally

The vice president appreciated various partners, including the leadership of the African Union Commission, for collaborating with the Nigerian Government to bring together relevant stakeholders to support MSMEs in Africa. The vice president said this would boost the continent’s economy.

“The MSMEs account for 90% of all businesses worldwide and employ over 60% of the global workforce. “It is no wonder that the United Nations has dedicated today, the 27th of June, to recognize MSMEs and to celebrate them for their immense contributions to the economies of nations all over the world,” Shettima said.

Entrepreneurs push for single-digit loan

In his address, the Senior Special Assistant to the President on job creation and MSMEs, Tola Adekunle-Johnson, appreciated the AU Commission and partners' support for MSMEs in Nigeria. 

He said that Africa can now achieve single-digit facilities for MSMEs through these supports in various capacities.

“There is no nation anywhere in the world that can survive without paying great attention to their MSMEs. They are the heartbeat of any nation,” Adekunle Johnson added.

Also speaking, the Deputy Chairperson of the AU Commission, Monique Nsanzabaganwa, said the Commission is focused on unlocking $100 billion for youth and women involved in MSMEs across the continent.

She said this would be achieved through its Women and Youth Financial and Economic Inclusion Initiative (WYFEII), which is focused on promoting small businesses in Africa. It hopes to unlock the funds between now and 2030. 

FG to begin distribution of N2.5 million loan MSMEs

Legit.ng previously reported that the Bank of Industry (BoI) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have struck an MoA to pool N1 billion and offer single-digit lending rates to nano and micro enterprises in Nigeria.

The two federal institutions are required by the agreement, which was signed in Abuja, on Sunday, May 26, to contribute N500 million apiece to a matching fund account that will be overseen by the Bank of Industry.

During the signing ceremony, BOI's managing director, Olasupo Olusi, stated that the deal's signing marked the beginning of many more fruitful partnerships between the two institutions.

Source: Legit.ng