PRESIDENT Muhammadu Buhari, Tuesday, disclosed that 40 million Micro Small and Medium Scale Enterprises, MSMEs, contributed 48 per cent to Gross Domestic Product, GDP.
Buhari made this known while declaring open the 17th Abuja International Trade Fair, AITF, organised by the Abuja Chamber of Commerce and Industry, ACCI, in Abuja.
Buhari who was represented by the Minister of Industry, Trade and Investment, Niyi Adebayo, said Trade plays a significant role in the economic growth of any nation, and remains cardinal in wealth creation and improve foreign reserves.
The theme of 17th AITF is ‘Creating an Export Ready Market Through SMEs Digitization’.
He said: “Trade is key to ending poverty across countries, raising standards of living and improving productivity. No economy can thrive without robust trade.
“Trade plays a significant role in the economic growth of any nation. It helps to build wealth and improve foreign reserves.
“Trade is key to ending poverty across countries, raising standards of living and improving productivity. No economy can thrive without robust trade.
“The MSME segment is critical to the stimulation of economic development.
“Nigeria is estimated to be home to over 40 million MSMEs who, together, contribute about 48 per cent of our GDP.
“Many of us just see MSMEs as the Mama that fries akara or the friendly ‘malam’ that owns the kiosk on our street.
“That is not the case; some of the fastest growing Fintech start-ups in Africa are, in fact, MSMEs. This trade fair provides an opportunity to change the narrative of what MSMEs are and demonstrates how innovative they can be.
“Here present, I see enterprises with the capacity to produce in large quantities. I see enterprises that employ large cross-sections of our youth population. I see enterprises with the capacity to export. I do not see small businesses here; I see future mighty business.”
The President however, assured of his administration’s assistance for MSMEs to achieve full potential via
strategic policy interventions, enshrined laws and established institutions to create a supportive business environment for entrepreneurs and MSMEs.
“In line with this, FMITI has developed a programme that will enhance access to credit for over 10 million MSMEs at single digit rate.
“Aside from provision of finance, this project will address key ecosystem issues such as development of MSME clusters to lower operating costs as well as capacity building initiatives.
“The Ministry has also commenced the process of adopting a centralised automated platform for the registration of Trademarks, Patents and Designs.
“The overall objective is to fully digitise existing records and automate the registration process to enable ownership and commercialisation of innovation”, he stated.
Earlier in a speech delivered by the President Abuja Chamber of Commerce and Industry, ACCI, Dr Al-Mujtaba Abubakar, expressed optimism that will strengthen trade and investment opportunities in the country.
Al-Mujtaba described the Trade Fair as unique event that provides opportunities for manufacturers to communicate with product end users, handle customer
complaints, and reward brands, thereby promoting businesses.
According to him, as a foremost Chamber of Commerce and Industry in Nigeria, ACCI has over the years embarked on a commitment to improve the quality of trade events, first through improving infrastructure and then engaging expertise, with the intention to eventually upgrade the delivery of its events to world-class standards and to align with current realities of business.
He said: “Since inception, the Trade Fair has served Nigeria as a trusted global trade destination and a potential market for over 50,000 consumers.
“It has also been a global platform, which provides an avenue where business men, entrepreneurs, service providers, and many others converge.
“It also provides an avenue for the distribution of trade, investment, market opportunities, and ideas that would greatly help sellers, buyers, investors, and countries to promote relationships in business.
“Aside promoting businesses, the 17th AITF will also strengthen trade and investment opportunities in the country, thus, offering a neutral and open atmosphere for blue chip companies, trade groups/associations, and government.
“The 17th AITF focuses on exports hence, the theme, ‘Creating an Export Ready Market Through SMEs Digitization’.
“Digitization offers a range of opportunities for SMEs to improve performance, spur innovation, enhance productivity and compete on a more even footing with larger firms, reflecting: economies of scale; lower operation and transaction costs; and reduced information
asymmetries.
“Digital tools bring many significant benefits for firms as digitalization reduces transaction costs by providing better and quicker access to information, and communication between businesses, suppliers and networks.
“Over the past decade, the emergence of increasingly powerful digital technologies and digital infrastructures have transformed and continue to transform business processes, organizations, and corporate culture with new innovation processes, marketing models, and types of products/services.
“It is fast becoming an increasingly central issue for companies. This explained why the objective of this fair is create an export ready market for SMEs.”
However, he called on participants, exhibitors, shoppers and visitors to leverage on of this year’s trade fair for business connectivity that will improve the economy.