Michelle Johnson
Wed, Sep 13, 2023 7:15 AM

Nigeria Partners with MSMEs to Boost Economy and Job Creation

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Nigeria Partners with MSMEs to Boost Economy and Job Creation
Nigeria's Vice President office has initiated a partnership with Micro, Small, and Medium Enterprises (MSMEs) to improve the economy and create jobs. The interventions will benefit 1.3 million people across 17 states and the Federal Capital Territory. These measures aim to fulfill the government's commitment to job creation and economic diversification, with MSMEs playing crucial roles. Various initiatives, including the establishment of shared centers, installation of solar panels, and the development of fashion hubs and furniture clusters, will contribute to this goal.

In a remarkable move to bolster the Nigerian economy and foster job creation, the office of the Vice President has collaborated with stakeholders in the Micro, Small, and Medium Enterprises (MSMEs) sector. With an ambitious target of benefiting 1.3 million people, this partnership aims to realize the Tinubu administration's commitment to job creation and economic diversification, where MSMEs are set to play critical roles.

The MSME and Job Creation Unit of the Vice President's Office will be coordinating these interventions across 17 states and the Federal Capital Territory. With various initiatives in the pipeline, a significant transformation within the sector is expected.

Shared Centers for MSMEs and Solar Panels

As part of the interventions, Shared Centers for MSMEs will be established, enabling entrepreneurs to explore new markets and expand their reach. To facilitate uninterrupted operations, these centers will be equipped with 300kVA solar panels.

Additionally, mini-grids powered by these solar panels will provide six Fashion Hubs and two Furniture Clusters with eight hours of electricity daily. This uninterrupted power supply will significantly enhance productivity and growth within the sectors, offering immense potential for job creation and economic progress.

Car Painting and Drying Hubs

Recognizing the importance of the automotive industry, the interventions include the establishment of car painting and drying hubs. These specialized facilities will support the automobile sector by providing modern infrastructure, facilitating efficient and high-quality services. Such initiatives will foster the sector's development and generate numerous employment opportunities.

Cold Rooms for Seafood Storage

Nigeria's rich coastal resources make the seafood industry a significant contributor to the economy. To further strengthen this sector, the interventions aim to establish cold rooms for seafood storage. These facilities will ensure improved preservation and longer shelf life for seafood products, thereby opening doors to increased export potential and job prospects.

The Vice President, Kashim Shettima, has directed swift execution of the projects, demonstrating the administration's commitment to delivering tangible results. Five of the interventions are set to be completed by December 2023, while twelve others are scheduled for completion by December 2024.

The interventions will reach 17 states, including Abia, Rivers, Jigawa, Benue, Borno, Lagos, Ekiti, Niger, Sokoto, Enugu, Gombe, Akwa Ibom, Yobe, Ondo, Osun, Bayelsa, Imo, and the Federal Capital Territory. These geographically diverse interventions will ensure a holistic and nation-wide approach to economic growth and job creation.

Collaborating Partners

The Office of the Vice President will spearhead these interventions in partnership with several key MSME stakeholders. These include the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Corporate Affairs Commission (CAC), Industrial Training Fund (ITF), National Agency for Food, Drug Administration and Control (NAFDAC), Standards Organisation of Nigeria (SON), Bank of Industry (BOI), Nigerian Export-Import Bank (NEXIM), Development Bank of Nigeria (DBN), Nigerian Export Promotion Council (NEPC), Bank of Agriculture (BOA), Raw Materials Research and Development Council (RMRDC), Nigerian Information Technology Development Agency (NITDA), and Federal Inland Revenue Service (FIRS), among others.

By joining forces, these partners aim to create an enabling environment for MSMEs to thrive, drive economic growth and job creation, and ultimately contribute to Nigeria's vision of becoming a globally competitive nation.

Source of content: OOO News 2023-09-13 News

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