Stakeholders urge FG to revitalise MSMEs for sustainable economy
The Federal Government (FG) has been urged to implement targeted policies to revitalise the Micro, Small, and Medium Enterprises (MSMEs) sector to achieve a sustainable economy.
Stakeholders in the sector made the call in Abeokuta on Thursday during the Central Bank of Nigeria (CBN) Fair, themed “Driving Alternative Payment Channels as Tools for Economic Development”.
Supreme news reports that some of the stakeholders at the fair include microfinance institutions, FinTechs, Small and Medium-sized Enterprises (SMEs), regulators, and academia.
In their separate messages, they expressed concern that the Naira redesign policy has had a detrimental impact on SMEs, resulting in economic struggles in the country.
CBN acting Director, Corporate Communications Department, Mrs Harkama Sidi-Ali, however, said the bank has launched a series of initiatives to boost the economy and protect consumers in the financial sector.
She described the fair as an interactive platform for members of the public and critical stakeholders to discuss CBN’s policies for sustainable economic growth and national development.
Sidi-Ali says the fair’s theme is apt as it addresses the importance of value addition and the links that catalyse SMEs and economic activities to attain the needed price stability.
“The management of the bank, under the leadership of Mr Olayemi Cardoso, is committed to stimulating productivity and financial inclusiveness as well as delivering on its core mandate of monetary and price stability.
“This has resulted in a significant increase in the inflow of foreign investments, positive trade balances and a quantum leap in the financial inclusion rate in recent times.
“The core objective of this engagement, therefore, is to sensitise members of the public on how the bank’s policies and innovations can enhance their lives and livelihood and contribute to the growth and development of the Nigerian economy,” she said.
Sidi-Ali, however, assured Nigerians of the availability of the Naira, while also cautioning against mutilating, spraying, hawking or counterfeiting the currency.
Earlier, the CBN Branch Controller in Ogun, Mr Malik Ademola, reiterated that the fair was an avenue to sensitise the public on the bank’s policies, programmes and interventions.
He noted that the fair has evolved into a veritable channel for fostering communication between the bank and the grassroots.
He expressed the bank’s commitment to ensuring a sound financial system and an inclusive economy where every Nigerian could thrive.
“It enables us, not only to explain our policies, but also to listen to your concerns, feedback and expectations.
“This year’s event continues that tradition, and I encourage everyone here to actively participate in the discussions.
“As we navigate the evolving economic landscape locally and globally, the need for increased public awareness of monetary policy, financial inclusion, consumer protection, digital payments, and intervention programmes cannot be overemphasised,” he said.
A participant and founder of Landgold Microfinance Bank, Mr Bunmi Ogunrinde, stressed the importance of MSMEs to Nigeria’s economic survival.
According to Ogunrinde, the economy is basically driven by MSMEs; hence, the nation’s economy can only survive where SMEs thrive.
“Even in America, their economy is driven by MSMEs, including family businesses.
“MSMEs are the greatest employers of labour, and that is why the government must be very intentional about driving the MSMEs.
“At one time, financial inclusion was going steadily, but during Emefiele’s regime and the cashless policy, many microfinance banks died. Then, we had close to 1,000 microfinance banks in Nigeria.
“We must be intentional about the economy. Whatever policy the government is coming up with must not affect SMEs; they are the ‘livewire’ of the economy.
Ogunrinde urged the government to prioritise policies that will resuscitate the microfinance banking sector, describing it as critical to broadening financial inclusion.
