Diversified Economy: FG flag-off national micro Small & medium scale enterprises clinic (MSMEs) in Ebonyi
…rekindles hope for economic growth and productivity in the country
Clement Nnachi
Over the years, Micro, Small and Medium Enterprise Clinics ( MSME) have played a vital role in the overall economic growth of the country as they have consistently contributed significantly towards improving capacity, standards of living and bringing about substantial local capital formation , power productivity and capability.
The Federal Government developed the Nationwide Micro , Small and Medium Enterprise Clinics for viable enterprise ( MSME Clinics) conceptualized for the purpose of encouraging MSMEs to achieve sustainable growth and development.
According to National Bureau of Statistics (NBS), 2013 MSME Collaborative Survey with the Small and Medium Enterprises Development Agency (SMEDAN), there are Thirty Seven million MSMEs operating in Nigeria .
Thursday March 5th 2020, will remain evergreen in the annals of economic growth and development in Ebonyi State . The day witnessed the official Flag-off of Ebonyi State Edition of National Micro Small and Medium Scale Enterprises Clinic (MSME) by the Vice President Professor Yemi Osinbajo.
Performing the flag-off ceremony, Vice President Osinbajo who was the Special guest at the event expressed confidence that with the launch of the SMES in the State, the much envisaged rapid economic development of the country was imminent.
Professor Osinbajo reiterated the commitment of the Federal Government towards tackling the challenges confronting SMEs in the country notably access to Finance, high Interest rates, inconsistency in government policies, poor technology, access to market and informal nature of most SMEs among others.
“All the challenges and difficulties hindering the smooth operation of SMEs would be addressed by the Federal Government, the National Economic Council ( NEC) will be updated on the challenges”
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“Federal Government target to achieve “Shop Facility” which allows the setting of Clusters of industries coming together to share hitherto expensive machines which ordinarily would be difficult for one SME to purchase”
“I am encouraged by the number of SMES in Ebonyi State, I have interacted with quite a number of them since my arrival, am confident that rapid economic development of the State was imminent”
” Federal Government has created an enabling environment for Small and Medium Enterprises to strive with the creation of Ease of Doing Business, SMEs are the engine room of the economy”
The Vice President restated the merits that accrued to the country through the signing of the Finance Bill in January 2020 by President Muhammadu Buhari stressing that it has exempted Companies of turn over of N25 million from payment of taxes.
“Also 10 percent reduction of income tax for companies turning over N25 million and above is a boost to economic development”
According to Professor Osinbajo, “Today event will afford Federal Government Regulatory Agencies who are participants in the flag-off namely National Agency for Food, Drugs and Administration Control ( NAFDAC), Central Bank of Nigeria(CBN), Federal Inland Revenue Service ( FIRS), and Corporate Affairs Commission ( CAC) the opportunity of interfacing with various SMEs and proffering solutions to the challenges confronting them”
The Vice President disclosed that the Federal Government has implemented several ‘intervention programmes geared towards assisting SMEs namely the N90 billion Fund provided by the Central Bank of Nigeria for Agricultural Based SMEs and the recently approved $20 million US to support young Enterpreneurs.
Earlier in his welcome speech, Governor David Umahi commended the Federal Government for initiating various intervention initiatives aimed at boosting economic growth stating that the event was organized by the Ebonyi State government in collaboration with the Presidency .
Umahi enumerated numerous developmental programmes embarked upon by the State government in the last five years which include the construction of 320 km internal roads across rural communities in the state, construction of Fly-Overs, installation of street lights in major roads/streets, on-going construction of Cargo Airport and ultra-modern stadium and construction of Shopping Mall among others.
The Governor lamented that adequate power supply was hampering the effective implementation of Industrialization policy of the State government and solicited for federal government assistance.
“Efforts by the State Government to industrialize the state have been frustrated as a result of inadequate Power Supply, the operations of the six Industrial Clusters in the state have been hindered due to lack of adequate power supply”
Governor Umahi urged the federal government to establish Gas Plants in each of the capital cities of the five states in the south-east geopolitical zones of the country.
Umahi commended Developmental Partners and other Federal Government Agencies notably the Central Bank of Nigeria and the Bank of Industry ( BOI) for their various intervention policies that stimulated economic growth.
Representatives of SMEs at the event commended both Ebonyi and federal Government for putting various measures in place aimed at creating the enabling environment for National Micro Small and Medium Enterprises to strive in the country.
The event held at the newly constructed Multi-million Ecumenical Center Abakaliki was filled to capacity with various Small and Medium Enterprises Groups ( SMEs) comprising market women, artisans, Non-Governmental Organisations( (NGOs).
Various Government Regulatory Agencies who were participants on the occasion mounted Stands at the premises of the Ecumenical Center and held fruitful business interaction with members of SMEs , Non-Governmental Organisations on their Mode of Operation and Ease of Doing Business etc.
In attendance at the launch included Federal Government Agencies notably Bank of Agriculture (BOI), Federal Inland Revenue Service (FIRS), Corporate Affairs Commission (CAC), Nigeria Export / Import Bank (NEXIM), National Information Technology Development Agency (NITDA),
