Professor Yemi Osinbajo Vice President of Nigeria

In a bid to step up its efforts to galvanise growth in the Small and Medium Enterprises segment of the economy, the Federal Government is set to launch Shared Facilities for MSMEs Initiative, in partnership with the Bank of Industry (BoI), Federal Inland Revenue Service (FIRS), Nigerian Export-Import Bank (NEXIM), Nigeria Export Promotion Council (NEPC) and the private sector, led by Access Bank.
A statement to this effect released by the office of the vice president said this initiative will provide SMEs with access to fully equipped cluster-style facilities, for which they can pay an affordable fee to operate in the facilities.
It stated: ‘‘These facilities would have been pre-certified by the relevant agencies like National Agency for Food and Drug Administration and Control (NAFDAC), Standards Organisation of Nigeria (SON), Industrial Training Fund (ITF), NEPC, thereby removing layers of bureaucracy that in the past held back many aspiring entrepreneurs. With these shared facilities, you would already have the necessary licenses that you need from the regulatory authorities; using those facilities would mean that you don’t have to go through all the regulatory bureaucracies.”
The facilities would be established in the six geographical areas of Nigeria starting next year. It will provide infrastructure such as manufacturing sheds, office spaces, internet access, road networks, electricity, water and business management and marketing services to the SMEs that operate from the facilities.
Source: SME Digest