Federal Government Reduces Members of Council on MSMEs to Achieve Efficiency in Operation

April 27, 2017, 5:36 am


Vice President Yemi Osinbajo has announced the reduction of the membership of National Council on Micro, Medium, and Small Enterprises (MSMEs) from 43 to 21.

Osinbajo said at the inauguration of the council that the reduction was to ensure effectiveness and proper coordination.

“This Council shall be the apex body on MSMEs development in the country, providing guidance and coordination on the establishment of strategies and policies for the wholesome support of MSME development in Nigeria.

”The next few years will be decisive for Nigeria in many profound ways.

“Our ability to create a modern industrial economy able to provide livelihoods for millions and a future for multiples will be tested.”

He said that the challenge called for sharpest minds and best talents.

“And you ladies and gentlemen who form this council are of that required caliber, we simply cannot afford to fail.’’

The vice president described the council as a fresh, streamlined and refocused National Council on MSME

He said the importance of the MSMEs was enormous as they were the bedrock of the nation’s industrialization and inclusive economic development and also the most important component of industrialization.

Osinbajo recalled the survey by SMEDAN and National Bureau of Statistics showing that over 37 million MSMEs existed in the country employing no fewer than 59.7 million persons, contributing 48.4 per cent to GDP and 7.27 per cent to exports.

He, therefore, said that if each MSME employed an additional person the administration would create over 37 million extra jobs.

By Adebukola Adedeji


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