Path to economic growth – Micro, Small and Medium Scale Enterprises (MSMSE), by Peter Obi
A former Governor of Anambra State, Mr. Peter Obi, has advised the Federal Government to focus its energies on creating enabling environment for the growth of the Micro, Small and Medium Scale Enterprises (MSMSE) in its efforts to turnaround the Nigerian economy and create jobs for the teaming army of unemployed youth. Mr. Obi stated this while speaking to newsmen at the on-going Commonwealth Trade Ministers’ Conference in London.
Obi, who is a member of the Advisory Board of the Commonwealth Enterprise & Investment Council, advised Nigeria’s political and economic managers to understudy the performance of some Commonwealth countries such as New Zealand, Singapore, Malaysia and even our fellow African country, Rwanda who have performed extremely well in creating the right environment for the growth of businesses in the countries.
Further, Obi who said that he was quite impressed with the presentation made by Nigeria’s Minister of Trade and Investment, Dr. Okechukwu Enelamah at the Conference, urged him to ensure that the plans articulated in his presentation were fully implemented for the benefit of Nigerians.
Obi expressed strong belief that government can create the right economic environment by adopting appropriate policies such as harmonized foreign exchange rate policy; concessionary interest rates on loans to Micro, Small and Medium Scale Enterprises; setting up industrial incubation units in some of the commercial centres of the country to train the MSMSE business owners on basic business management skills. With such policies, Obi said that several small-scale enterprises littered in cities like Onitsha, Aba, Kano, Ibadan, Lagos, etc. would spring back to life.
Concluding, Obi opined that such businesses hold the future to Nigeria’s economic recovery and growth. “Government” he said, “must therefore do everything possible to encourage them.”