The Sustainable Entrepreneurship and Economic Development Initiative (SEEDI), an NGO, has urged the Federal Government to produce a Micro, Small and Medium Enterprises (MSMEs) Development Plan for the benefit of small businesses.
A statement signed by Celestine Okeke, Lead Partner, SEEDI, in commemoration of the world MSMEs day in Abuja, noted that small businesses were faced with a myriad of challenges beyond access to finance.
Okeke listed the challenges as unavailability of non-financial services, high cost of doing business, multiple taxation, stifling business ecosystem and reducing purchasing power of the average Nigerian.
He called on President Muhammadu Buhari to task the Small and Medium Enterprises Development Agency (SMEDAN), National Directorate of Employment (NDE), Development Finance Department, Central Bank of Nigeria (DFD-CBN), Ministry of Industry, Trade and Investment and the Bank of Industry (BOI) on the plan.
“They should begin the process of producing an MSMEs development plan in Nigeria.
“The MSMEs development plan being advocated for should take into consideration, the peculiarities for doing business for MSMEs in each sector of the Nigerian economy, their challenges and how the challenges are to be surmounted.
“While we acknowledge that MSMEs need finance to sustain and scale up their enterprises, we want to restate that the fundamentals of starting, sustaining and scaling up small business enterprises transcend beyond mere access to finance,” he said.
He hoped that the present administration would support MSMEs to thrive by improving the ecosystem they operated in and support them to access finance after mastering the act of business best practices.
The UN General Assembly in its 72nd plenary session held in April 6, 2017, declared June 27 yearly as World MSMEs Day.
This is in recognition of the MSMEs in promoting innovation, creativity and decent work for all the achieving goals of 2030 agenda for Sustainable Development Goals (SDGs).