Dr. Okechukwu Enelamah, Minister of Industry, Trade and Investment, lists Government’s achievements on Micro, Small and Medium Enterprises. Hear him:
Small and Medium-Scale Enterprises contribute almost half of Nigeria’s Gross Domestic Product (GDP).There has been sustained work to build capacity, increase access to finance and eliminating bottlenecks to conducting businesses.
The World Bank-funded Growth and Employment (GEM) project is focused on businesses in information, communication and technology (ICT), agro-processing, entertainment, tourism and construction. The GEM project became effective in 2013. It was designed to help spur massive job creation and economic development in Nigeria. At the end of 2016, the World Bank rated the GEM project “unsatisfactory and underperforming” and considered scrapping it.
Working together with the World Bank, we reviewed and restructured the project to ensure that its funding, technical assistance and capacity building programmes are deployed “directly” to SMEs. We expect some of these businesses to grow and become national and international champions and to create lots of jobs.
Over 89,000 Small and Medium Enterprises (SMEs) registered on the BIG portal; over 900 Nigerian MSMEs have benefited from grants to implement their business plans; at least 40 local consulting firms trained to deliver technical services to MSMEs; over 750 Nigerian MSMEs have benefited from the services of the project’s trained Business Development Services Providers (BDSPs) and over 21,000 MSMEs have received technical assistance including training offered by Lagos Business School.
Also, 400 graduates were trained in video and sound editing under a support to the entertainment industry, and a total of 600 Nigerians were trained in various artisan skills for the construction sector to reduce the influx of foreign skilled labour taking Nigerian jobs.