Empowering MSMEs: Partners to Boost Job Creation, Economic Diversification

In a resolute effort to bolster the nation’s economy and bolster job creation, a consortium of stakeholders within the Micro, Small, and Medium Enterprises (MSME) sector is poised to embark on an ambitious series of MSME-focused initiatives. These initiatives, aimed at benefiting 1.3 million individuals across 17 states and the Federal Capital Territory (FCT), reflect a synchronized push to augment the Federal Government’s economic agenda.

The MSME and Job Creation Unit of the Vice President’s Office, the driving force behind these initiatives, has unveiled an elaborate strategy. Their primary objective is to advance the realization of the Tinubu administration’s commitment to both job creation and economic diversification, recognizing the pivotal role that MSMEs play in achieving these goals.

The multifaceted interventions will span 17 states and the FCT, encompassing initiatives such as Shared Centres for MSMEs equipped with 300kva Solar Panels and Mini grids, ensuring a reliable supply of electricity for six Fashion Hubs and two Furniture Clusters, extending up to eight hours of power daily. Additionally, plans include the establishment of car painting/drying hubs and cold storage facilities for seafood, among other ventures.

In response to Vice President Kashim Shettima’s directive for expeditious project execution, five of these transformative interventions are slated for completion and delivery by December 2023. The remaining 12 interventions are scheduled to be finalized before December 2024, indicating a clear commitment to prompt and impactful outcomes.

The participating states set to reap the benefits of these interventions encompass Abia, Rivers, Jigawa, Benue, Borno, Lagos, Ekiti, Niger, Sokoto, Enugu, Gombe, Akwa Ibom, Yobe, Ondo, Osun, Bayelsa, Imo, and the Federal Capital Territory.

This collaborative endeavor brings together a formidable alliance of MSME partners, including but not limited to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Corporate Affairs Commission (CAC), Industrial Training Fund (ITF), National Agency for Food, Drug Administration and Control (NAFDAC), Standards Organisation of Nigeria (SON), Bank of Industry (BOI), Nigerian Export-Import Bank (NEXIM), Development Bank of Nigeria (DBN), Nigerian Export Promotion Council (NEPC), Bank of Agriculture (BOA), Raw Materials Research and Development Council (RMRDC), Nigerian Information Technology Development Agency (NITDA), and Federal Inland Revenue Service (FIRS). Together, they represent a formidable force dedicated to propelling Nigeria’s MSME sector to new heights and, in doing so, fostering economic growth and job creation on an impressive scale.

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