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FG Revised Policy on MSMEs should Lead to Improved Targeted Interventions

Apr 26, 2021   •   by   •   Source: Proshare   •   eye-icon 905 views

Monday, April 26, 2021/10.00AM / Ottoabasi Abasiekong for WebTV / Header Image Credit: Twitter; @SeyeOlurotimi


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The revised policy of the Federal Government on the Micro, Small andMedium Enterprises (MSME) is a welcome development and should lead to improvedtargeted interventions. Mr. Seye Olurotimi the Founder/President MSME Africa madethis point in a recent conversation on policy steps  designed to improve theactivities of MSMEs in Nigeria. 

 

According to him a 2018 survey carried out by the National Bureau ofStatistics (NBS) in collaboration with the Small and Medium Enterprise DevelopmentAgency in Nigeria (SMEDAN)revealed that there were 41.5m MSMEs in the country. 

 

The interesting fact was that 90% of the MSMEs were in themicro-enterprises category, which informed the need for a strategic approach ininterventions.


He lauded the new categorization which now includes Nano/Homestead inthe ecosystem of the Micro, Small, Medium and Large Enterprises.

 

Speaking further he tasked Nigerian Microfinance banks on increasingsupport for the newly classified Nano enterprises with turnovers between N1 toN3million.

 

Olurotimi stressed the fact that MFBs must refocus their efforts onsupporting small businesses, which will have a positive impact on the economy.He said that it was time for real-timeinterventions that will make a huge impact on the informal sector and translateto economic development.

 

Looking at the Company Income Tax (CIT) waiver and incentive for businesses tiedto turnover not asset base, he believed the Federal Government was protectingit's interest and driving transparency. He pointed out that using turnoverinstead of assets,  will achieve objectivity and track the inflows andvalue of businesses. 

 

For the opportunities, he was of the view that amidst the impact ofCOVID-19 MSMEs could explore the following segments of the economy ;

 

  • Agribusiness which covers the food value chain  
  • Leverage technology to improve business operations 
  • Investing in skills development and capacity building.
  • Converting assets to generate revenue and sustain operations.


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Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

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Proshare is a professional practice focused on delivering research and information services to bridge the gap between investors and markets; by delivery on credible, reliable, and timely engagements through the following areas — Impact Research, Market Intelligence, Strategic Advisory, Stakeholder Relations & Digital Media.