(http://fmi.gov.ng/wp-content/uploads/2012/04/The_minister_of_trade_and_investment_Olusegun_Aganga-300x192.jpg) The Federal Government has said that it will fast track the establishment of vibrant and efficient venture and equity capital organizations that will help provide cheap funds for micro, small and medium enterprises across the country.
The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga said this during the launch of the National Enterprise Development Programme (NEDEP) and inauguration of the Ogun State Council on MSMEs in Abeokuta.
The programme, which was organised by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), in partnership with the Ogun State Government, is in line with the provisions of the Nigerian Industrial Revolution Plan.
Aganga said, "We want to build a new sector called venture capital and private equity sector to support small and growing businesses in Nigeria.
"Very soon, you will see some changes in our laws and regulations that will promote the development of venture capital organisations that will provide equity, debt capital and business support services to those sectors."
The Minister noted that the inauguration of SME Councils at the State levels would enable both the Federal and State Governments to identify the peculiar challenges facing MSMEs in each state and then fashion out workable strategies to holistically address them.
He said, "We are currently changing the structure of MSMEs development in the country. One of our new initiatives is the development of the National Enterprise Development Programme. NEDEP is being spearheaded by the Federal Ministry of Industry, Trade and Investment and its three Parastatals – the Bank of Industry, Small and Medium Enterprises Development Agency of Nigeria and the Industrial Training Fund.
"This is the first time ever that these three Parastatals under my Ministry are coming together to develop and implement a programme that will revolutionise the growth of the MSME sector in Nigeria."
He added, "In terms of the new structure of MSMEs in Nigeria, I want to see a situation where we can have SME Councils in every state of the federation. We launched the first one in Kano (in the North), two weeks ago, while Ogun State is the first one we are launching in the South West.
"The State SME Councils will have representatives of the Federal and State Governments, trade associations and members of the Organised Private Sector as members. The reason for having State SME Councils is to enable us understand the peculiar challenges that MSMEs are facing at the grassroots level and see how we can work together to address them holistically."
Aganga reiterated that the next item on the plan was to come up with a National Policy that would require the government and the private sector to patronise registered MSMEs.
"This is because the Government and the private sector are the major drivers of expenditure. Therefore, I believe that if we all work together, we will be able to leverage MSMEs to make the desired positive impact on the lives of the Nigerian people whom we are called to serve"; he noted.
In his remarks, the Ogun State Governor, Senator Ibikunle Amosun said that the development and growth of the MSME sector was critical to the country's overall economic development, adding that his State would partner the Federal Government to fast-track the growth of the sector.
He said, "I want to specially and publicly thank the Minister, Mr. Olusegun Aganga, for the excellent work he is doing to develop the MSMEs sector in Nigeria. Also, I want to commend him for all the support he has been giving us to help industrialise Ogun State.
"There is no doubt that MSMEs are the cornerstone for a successful industrialisation process. The best way to create jobs, generate wealth and transform the Nigerian economy is to get the MSMEs sector to be active and working. We will continue to work together with the Ministry of Industry, Trade and Investment in order to achieve our cardinal objectives of creating jobs and generating wealth for our people."
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Federal Ministry of Information (FMI) Nigeria