FG Restates Support For SMEs To Deepen Economic Development

The federal government has restated its commitment to support the Small and Medium Enterprises (SMEs) in Nigeria, stressing that they are vital for socio-economic growth and development of the country.

The minister of Innovation, Science and Technology, (FMIST) Chief Uche Geoffrey Nnaji said this during the launching and analysis section of Global Cleantech Innovation Program, initiated by the United Nations Industrial Development Organisation (UNIDO) on Wednesday in Abuja. He added that the nation recognizes the critical role start-ups and SMEs play in driving economic development, enhancing renewable access and contributing to broader climate change actions in the country.

Nnaji pointed out that SMEs often face significant challenges in commercialising and scaling their solutions due to insufficient policy and regulatory support, limited financing opportunities, and general weak innovation ecosystem in the nation.

According to the minister, ‘’Today we embark on a journey of transformative change, driven by collective efforts of the Global Cleantech Innovation Program (GCIP), this UNIDO-led initiative, sponsored by the Global Environment Facility (GEF), aims to bridge the gap between Cleantech Entrepreneurs and the Market, often referred to as the “valley of death” by providing competitive, business acceleration services for innovative Cleantech Startups and SMEs. It seeks to foster an enabling environment for Innovation and Entrepreneurship in the country’’.

A statement issued by the deputy director of Press and Public Relations in the Ministry, Obed Atuora, quoted the minister as saying that with valuable support from UNIDO, the government aims to build, strengthen, and interconnect the institutional capacity of the stakeholders .

He noted also the Government was keen in developing policy regulations and recommendations, promoting linkages and collaborations across Global Council on International Educational Exchange, (CIEE) towards ensuring gender and youths mainstreaming into the economy of the nation.

To this end, the Minister commended all stakeholders for their unwavering support and commitment towards creating a sustainable future for Nigeria.

Earlier, the National programme coordinator of UNIDO Mr. Oluyomi Banjo said that there is need for Clean Technology, which will not only enhance achievement of climate change mitigation and Paris agreement obligations, but also, cements Nigeria’s status as an emerging economic and technological giant.