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2021: Establishment of Enterprise Hubs Will Unlock Growth for MSMEs in Nigeria - Seye Olurotimi

Jan 25, 2021   •   by   •   Source: Proshare   •   eye-icon 2207 views

Monday,January 25, 2021 / 11:07 AM / Ottoabasi Abasiekong for WebTV / Header Image Credit: Concise News


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Intentional Policies driven by the Federal and State Governments towardsestablishing Enterprise Hubs across the nation will unlock the growth of Micro,Small, and Medium Enterprises, MSMEs in Nigeria. Mr. Oluseye OlurotimiFounder/President of MSME Africa advocated for this in a conversation on "HowNigerian MSMEs Can Scale Growth In 2021".

 

He said it was important for specialized hubs to be developed for MSMEsthat cover key segments of the economy like fashion, technology, manufacturing,and agribusiness in the country.

 

The hubs according to him should enable infrastructure like theprovision of power, water, access roads, and broadband fiber optic, which willboost productivity for the economy.

 

In addition to the enterprise hubs he called for transparency inregulations and a friendly regulatory environment in the country, that willsupport MSMEs who are economic drivers in the nation.

 

Looking at the various interventions of the Federal Government for MSMEdevelopment from the 'MSME Survival Funds', 'Youth Development Fund' to the 'Trader Moni' initiatives, Mr. Olurotimi called for effective 'Monitoring andEvaluation' to ensure that the support measures are implemented even down to micro-businesseswho constitute over 70% of the MSME ecosystem.

 

The MSME consultant also harped on robust and strategic collaborationbetween the Government and Private sector at the Federal and State level. Thisaccording to him will see more effective ventures and enterprises because ofthe inputs of business leaders and technocrats in policies.

                                                                                                                                                                                

He commended the Office of the Vice President that coordinates thePresidential Enabling Business Environment Council (PEBEC) that drives the Easeof Doing Business reforms in the country for moving Nigeria upward from 146 to131 out of 190 countries in the World Bank "Doing Business Ranking".

 

On businesses that will be the big winners in 2021, he listed thefollowing segments of the economy which include; 

  • E-Commerce
  • Agribusiness
  • Logistics
  • Healthcare/Pharmaceutical
  • Fintech

 

Giving his perspective on the Central Bank of Nigeria's (CBN's) monetarypolicy, he described the CBN as very supportive with the revisedLoan-to-Deposit Ratio (LDR) of 65% which has led banks to increase credit tothe private sector to the tune of N3.97trn in 2020.

 

Speaking on the Finance Bill 2020 that was signed into law last year byPresident Muhammadu Buhari, the Founder of MSME Africa, said it was designed toaddress the challenges of MSMEs and create an enabling environment for them.

 

In addition to the Finance Bill 2020, he lauded the CAMA Act 2020 whichhas enabled the Corporate Affairs Commission (CAC) to upgrade its portal, tothe level of carrying out virtual registrations for businesses end-to-end.

 

He added that "The upgrade of the CAC portal will help to reduce thetime for registration of businesses, which is a major bottleneck in thecountry".

 

Mr. Olurotimi advised the CAC to explore deploying a short-demo video,that guides users of the website on how to register their businesses in aseamless process.


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Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

 

 

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