NASS tasks FG on development of MSMEs

In line with the diversification policy of the federal government, the National Assembly has called for development of the Micro, Small and Medium Scale Enterprises (MSMEs) to serve as engine room of the nation’s economy.
Speaker of the House of Representatives, Hon Yakubu Dogara, made the call in a speech at a public lecture organised by the National Institute for Legislative and Democratic Studies (NILDS) on behalf of the National Assembly leadership on Friday in Abuja.
Dogara in his speech at the public lecture which focused on using the MSMEs as catalysts for economic development, assured that the National Assembly in aiding the development of MSMEs, would centre most of its constituency projects on the subsector.
He said: “Considering the important role of MSMEs in nation building, it is crucial for the experts and executives in the development finance sub-sector, promoters of MSMEs and other stakeholders to espouse the financing challenges militating the performance and development of MSMEs and suggest how the existing initiatives can be improved upon and/or develop new policies designed to proffer solution to financial problem being encountered in the subsector.
“The crucial roles of MSMEs in industrialization, wealth creation, poverty reduction, employment creation and sustainable growth and development cannot be overemphasized.
“On our part in the legislature, we shall continue to enact laws and policies to provide a conducive environment for SMEs.” Also, the Director General of NILDS, Professor Ladi Hamalai in her speech at the lecture with the theme: “Financing and Facilitating the Development of Micro, Small and Medium – Scale Enterprises in Nigeria” said on the average, MSMEs generally accounts for more than 70 per cent of the workforce in developed countries.
According to her, many nations around the world have achieved rapid growth and development through the contributions of Micro, Small and Medium -Scale Enterprises via employment and income generation, poverty reduction, industrial development and foreign exchange earnings among others.