MSMEs

NBS, SMEDAN, to Confirm Number of MSMEs in Nigeria

by with No Comment BusinessNews

The process of authenticating claims by the Small and Medium Enterprises Development Agency (SMEDAN) that Nigeria has 37 million Micro, Small and Medium Enterprises (MSMEs) has commenced.

The nation’s stats office, National Bureau of Statistics (NBS), is assisting in confirming this figure.

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Last month, Director-General of SMEDAN, Mr Dikko Radda, disclosed at a conference in Abuja that there were about 37.1 million MSMEs operating in the country.

Mr Radda made this disclosure at the India-Nigeria Cultural Conference organised by the All India Universities Alumni Association, Abuja Chapter, themed ‘Micro, Small and Medium Enterprises in combating unemployment in Nigeria: India experience.’

“There are presently about 37.1 million MSMEs in Nigeria. That is huge.

“Their contribution to the Gross Domestic Product is about 48.7 percent, while their contribution to export is about 7.2 percent.

“That is to tell you how significant they are to our economy,” Mr Radda had stated at the conference.

He based his figure on the last national survey conducted in January 2014, where it was revealed that 37.1 million enterprises operating in the economy were employing 59.7 million persons.

Speaking at a one-day workshop on MSMEs Survey yesterday, Mr Radda said in the survey that will commence nationwide soon, two micro enterprises sub-class would be categorized instead of the former undifferentiated micro-enterprises class.

According to the SMEDAN chief, who was represented at the event by Mr Wale Fasanya, a senior employee of the agency, “This will help distinguish an establishment-leaning microenterprise sub-class (or salaried paid employment) from the other microenterprise sub-class of unpaid or part-time household members.”

SOURCE

SMEDAN MSMES

SMEDAN unveils Initiative To Boost MSMEs Access To Global Market

by with No Comment BusinessNews

The Federal Government has launched the ‘SMEDAN SELECT’ initiative to strenghten market expansion for Micro, Small and Medium Enterprises as well as support the creation of brand names for Made-in-Nigeria products.

READ ALSO: Nigeria’s SMEs Get FSD Africa Lifeline For Financial Inclusion

The Director-General of the Small and Medium Enterprises Development Agency of Nigeria, Dikko Umaru Radda said that the initiative which was designed to create brands from standard Made-in-Nigeria products in the food, fashion, beauty and goods sectors, would increase access to local, regional and global markets.

According to the DG, promoting the activities of the MSMEs is critical to the growth of the Nigeria economy as they collectively account for a majority of the enterprises in Nigeria and also account for the highest number of jobs created in the economy.

According to the National MSMEs Survey of 2017 conducted by the Agency in collaboration with the National Bureau of Statistics, Nigeria has a total of 41,543,028 MSMEs, employing 59,647,954 people and contributing 49.7 percent and 7.64 percent to nominal GDP and exports respectively.

He said, “Objectives of implementing SMEDAN SELECT are to increase access to local, regional and global markets for MSMEs; to support market expansion for MSMEs to support the creation of brand names for Made-in-Nigeria products as well as to increase awareness creation on standard Made-in-Nigeria products.”

Speaking at the launch of the SMEDAN SELECT Document,Wale Fasanya, Director, Planning, Research, Monitoring and Evaluation of the Agency, who represented the DG said the products, numbering about 150, have been specially selected across Nigeria.

He said these products would be displayed and marketed on the SMEDAN Website and other social media handles.

Radda noted that MSMEs, if properly harnessed, could trigger an entrepreneurial revolution in industrialization, agriculture and commerce in Nigeria towards creating the platform for job creation, wealth creation, poverty alleviation and food security.

He said, “Globalisation process for MSMEs can be realized through any of a range of cross border activities, including trade, international investment, and participation in strategic alliances, partnerships and networking arrangements.”

Despite the success of MSME strategies in a few countries, he said majority of developing countries have found that the impact of their SME development programs on enterprise performance has been less than satisfactory.

He, however, encouraged Nigerians to patronize all the products profiled as a way of supporting the MSMEs to achieve their collective goal.

SOURCE: THE WHISTLER

Fidelity MSMEs

Fidelity’s commitment to drive MSMEs through capacity building.

by with No Comment News

Fidelity Bank Plc, has reaffirmed its commitment to enhancing the productivity and prosperity of Micro Small and Medium Enterprises (MSMEs) in the country by providing capacity building and advisory services, innovative funding options and other forms of relevant support that would significantly improve their overall contributions to national development.

READ ALSO: Enugu govt. launches loan scheme for entrepreneurs

Fidelity CEO, Mrs. Nneka Onyeali-Ikpe gave the assurance at the Fidelity SME National Capacity Building Webinar organized by the bank for entrepreneurs in Enugu State, in collaboration with the Enugu State Ministry of Trade and Commerce and the Enugu SME Centre; Small and Medium Enterprises Development Agency of Nigeria (SMEDAN); Nigeria Association of Small & Medium Enterprises (NASME) and Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA).

The webinar which will take place across the country on a state-by-state basis, is part of concerted efforts to assist entrepreneurs across all sectors of the Nigerian economy develop requisite capacity to unlock their full potentials and take their businesses to the next level of growth.

Mrs. Onyeali-Ikpe who during her remarks on Wednesday provided insights into the bank’s unique approach to managing MSMEs, pointed out that SMEs which are businesses with less than N100m annual turnover contribute about 48 percent of national GDP, account for 96 percent of businesses and 84 percent of employment in Nigeria.

She noted that despite the significant contribution of SMEs to the Nigerian economy, challenges still persist that hinder the growth and development of the sector. Chief among these are funding, lack of infrastructure, poor management, low entrepreneurial skills, improper planning, poor digital skills, etc. The Fidelity CEO however noted that the webinar seeks to proffer appropriate solutions to these challenges in a very practicable manner.

“We have a dedicated SME Desk with innovative products and services to assist your business. Fidelity Bank, in partnership with various private and public institutions provides funding, business advisory services for all our customers. This webinar is an excellent opportunity to network, share information and deepen the SME sector in Enugu State,” she explained.

Themed “Funding and Financial Management,” the Enugu Edition had in attendance special guests including Mrs. Monica Ugwuanyi, First Lady, Enugu State, Sir Robert O. Anwatu, Managing Director/Chief Executive Officer, Roban Stores, and Mr. Chiedozie Atuegwu, Director, Michelle Laboratories Limited, amongst others.

In her remarks, Mrs. Ugwuanyi applauded the bank for its unrelenting support for MSMEs in Enugu State, stating that the Ifeanyi Ugwuanyi-led administration remained at the forefront of SME development in Nigeria as exemplified by its continuous investments in infrastructure deployment and provision of labor policy frameworks to further encourage investments.

Speaking in the same vein, President, Association of Bureau De Change Operators of Nigeria (ABCON) (ABCON) Dr. Aminu Gwadabe commended the bank for its sustained efforts at promoting MSMEs nationwide. Gwadabe noted that the bank had been very supportive to its 5,000 licensed members nationwide.

“The Bureau De Change (BDC) does about N1.4trillion per annum. Fidelity Bank controls 60 percent of these transactions in the country,” he explained.

Whilst shedding light on the dynamics of the Bureau De Change sector, Dr, Gwadabe revealed that exchange rate stability was determined by the country’s SME structure. Given the immense potentials inherent in the nation’s MSME space, he said that the fledgling sector, if properly positioned, could assist the Central Bank of Nigeria (CBN) achieve its mandate on exchange rate stability.

SOURCE: Nigerian News Direct

SMEDAN INITIATIVE

MSMEs To Receive Support Through SMEDAN

by with No Comment BusinessNews

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) says it will support Nigeria Micro Small and Medium Enterprises, MSMEs in a practical way through its SMEDAN SELECT initiative.

The Director-General of the Small and Medium Enterprises Development Agency of Nigeria, SMEDAN, Dr Dikko Umaru Radda said this at the launch of the SMEDAN SELECT Document in Enugu State, Southeast Nigeria

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The DG who was represented by Director, Planning, Research, Monitoring and Evaluation Mr Wale Fasanya, said the SMEDAN SELECT is designed towards creating brands from standard products amongst the best of Made in Nigeria products in the food, fashion, beauty and goods sectors.

Radda said, “these products, numbering about 150, have been specially sought and selected across Nigeria and the products would be displayed and marketed on the SMEDAN Website and other social media handles.”

“The hardcopy catalogues would also be distributed to Embassies, MDAs and in departmental stores across major cities in Nigeria to improve the patronage of these products.”

He noted that the MSMEs sub-sector is a very important sub-sector in the Nigerian economy.

“They collectively account for a majority of the enterprises in Nigeria and also account for the highest number of jobs created in the economy,”  Radda stated.

He said the recent National MSMEs Survey of 2017 conducted by the Agency in collaboration with the National Bureau of Statistics (NBS) revealed that there are 41,543,028 MSMEs, employing 59,647,954 (76.5% of the labour force) and contributing 49.78% and 7.64% to nominal GDP and exports respectively.

The SMEDAN boss said this staggering statistics cannot be ignored in any serious economy, adding properly harnessed, MSMEs can trigger an entrepreneurial revolution in Industrialization, Agriculture and Commerce in Nigeria towards creating the platform for job creation, wealth creation, poverty alleviation and food security.

Dr Radda also said the globalisation process for MSMEs can be realized through any of a range of cross border activities, including trade, international investment, and participation in strategic alliances, partnerships and networking arrangements.

According to him, “governments in both industrialized and developing countries provide a wide variety of programmes to assist micro, Small and Medium Enterprises.”

“Despite the success of MSME strategies in a few countries, majority of developing countries have found that the impact of their SME development programs on enterprise performance has been less than satisfactory, as such there is the need to develop and deploy more specific approaches, hence the SMEDAN SELECT initiative.” 

Dr Radda stated that the objectives of implementing SMEDAN SELECT are to increase access to local, regional and global markets for MSMEs; to support market expansion for MSMEs. to support the creation of brand names for Made-in-Nigeria products as well as to Increase awareness creation on standard Made in Nigeria products.

He however encouraged Nigerians to patronize all the products profiled as a way of supporting the MSMEs to achieve their collective goal of instituting the MSMEs sub-sector of our dream that would contribute significantly to job creation, wealth creation and poverty alleviation.

SOURCE: VON