June 25, 2024

Central News

at the center of it

West Africa SMEs exhibition holds in Abuja, NASS mules legislation to accelerate economic growth

NIGERIA’S National Assembly has said it is tinkering with ideas, to develop new legislations and overhaul obsolete ones to accelerate economic growth.
Deputy Speaker of the House of Representatives Benjamin Kalu says the 10th National Assembly is poised for that critical endeavour.
At the 2023 West Africa Small and Medium Enterprises (SMEs) exhibition in Abuja on Thursday, Kalu says the new legislation would be in line with the government’s commitment to grow SMEs, especially in technologies and renewable energy.
He was represented at the event by House committee chairman on commerce James Barka.
The way he puts it is this: “This is to complement the efforts of President Bola Tinubu in growing SMEs, most especially in techs and renewable energy subsectors.
“These will be through appropriate legislative tools that include developing a new legislation and overhauling the obsolete ones for effective leveraging for the overall economic growth of our nation.”
Consistently in power supply
And, he stresses the need to support the SMEs in the area of technology development and renewable energy advancement: “This will help to address endemic energy shortages and improve consistent power supply to rejuvenate the real sector of the economy.”
Also, President Tinubu’s senior special assistant on Micro, Small and Medium Enterprises (MSMEs) and Job Creation, Mr. Temitola Johnson speaks on the commitment of government to provide an enabling atmosphere and support for SMEs to thrive.
Ms. Olapeju Ibekwe, chief executive officer (CEO) of Sterling One Foundation, speaking on the roles of SMEs in reducing poverty, says her organisation is also committed to improving food security, climate action, health education and mainstreaming of gender equality.
“We see ourselves as a vehicle for positive social impact and we prioritise poverty reduction. SMEs play a very important role in the economy of any country when it comes to revenue generation that can help to reduce poverty in families and homes.
“Our foundation’s role is to provide capacity-building for SMEs, for young men and women from start-up to investment.
“That capacity-building gives them knowledge on how to access the market, build their businesses, become financially sustainable, and become financially independent over time,” she says.
Also, at the event, Economic Community of West African States (ECOWAS) commissioner for economy affairs and agriculture Masandje Toure-Litse, represented by Dr. Enobong Umoessien, stressed the need to develop infrastructure such as energy, roads and human for SMEs to thrive:
“Without energy stability, there is no way the SMEs will thrive and harness the potentials we have.”