The National Assembly will continue to ensure that constituency projects are mostly centred on assisting the Micro, Small and Medium-scale Enterprises (MSMEs) subsector, Speaker of the House of Representatives, Yakubu Dogara, has said.
Dogara stated this yesterday at public lecture on financing and facilitating the development of micro, small and medium scale enterprises in Nigeria, organised by the National Institute for Legislative and Democratic Studies (NILDS) which was held at National Assembly Complex, Abuja.
The director general of NILDS, Prof. Ladi Hamalai) explained that the public lecture is a periodic series which is imperative to engaging the public on relevant national issues and elicit ideas from relevant stakeholders on specific developmental issues with a view to assisting policy makers in executive and legislature towards nation building.
Hamalai said many nations around the world have achieved rapid growth and development majorly through contributions of MSMEs on employment and income generation, poverty reduction, industrial development and foreign exchange earnings among others.
However, Dogara noted that considering the important role of MSMEs in nation building, it is crucial for the experts and executives in the development finance sub-sector, promoters of MSMEs and other stakeholders to espouse the financing challenges militating the performance and development of MSMEs and suggest how the existing initiatives can be improved upon.
“On our part in the legislature, we shall continue to enact laws and policies to provide a conducive environment for MSMEs,” he said.
According to Dogara, “The crucial roles of MSMEs in industrialisation, wealth creation, poverty reduction, employment creation and sustainable growth and development cannot be overemphasized.
“Yet, the enormous potentials and opportunities in the sub-sector are largely unexplored due to numerous challenges being faced by the small and medium scale business owners, the chief among which is finance which remains critical to the performance and survival of MSMEs.”
“As stated earlier, several efforts and initiatives of both past and present to improve on the financing thereby boosting the performance and unleash the potentials of the sub-sector, have not yielded the desired results in terms of employment generation and poverty reduction,” he noted.
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