MSMEs most important component for economic growth, says Osinbajo

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Vice President Yemi Osinbajo says Micro, Small, Medium Enterprises (MSMEs) are the most important business component for economic growth.

Osinbajo said this on Saturday while launching the MSME clinic in Minna, Niger State.

“The MSME clinic is a response to the fact that we recognise that MSMEs are the most important business component of our economy.

“In any economy, what small businesses contribute is really the super structure of the economy.

“And that is why the President decided that we most have this clinic in every state of the Federation and so for the past two years, we have been going round flagging MSME clinics state by state and one stop shop.

He noted that having MSMEs clinic in each state had become necessary “to facilitate the work of MSMEs”.

MSMEs most important component for economic growth, says  Osinbajo
MSMEs most important component for economic growth, says Osinbajo

“Most small businesses find difficult to travel all the way to Abuja and Lagos just to get regulatory permission.

“That is why we think it is best to bring those authorities to them under the one stop shop.

In his remarks, Governor Abubakar Bello said his administration had accessed over N2 billion from the CBN to assist MSMEs in the state.

Bello said MSME was the most potent key factor in promoting direct private sector investment in any economy

Bello commended the Federal Government for setting up MSME programmes in the country as MSME are known to create millions of jobs in the country.

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