Wednesday, May 18, 2022
MARKET UPDATE
Advertisement

TheCable

Osinbajo inaugurates another shared facility for MSMEs in Imo

Osinbajo inaugurates another shared facility for MSMEs in Imo
December 14
20:44 2021

Vice-President Yemi Osinbajo says that micro, small, and medium enterprises (MSMEs) are of top priority to the federal government in boosting the economy.

Osinbajo said this at the inauguration of the Fashion and Design Shared Facility with 200 garment production equipment in Owerri, Imo.

In August, a leather trading cluster was inaguarated in Anambra.

At the unveiling on Tuesday, the vice-president said the clinic is an opportunity for growth.

Advertisement

“The MSMEs were a priority for federal government because they were the engine of growth for the economy and accounted for almost half of national income and three-quarters of jobs,” Osinbajo said.

Osinbajo said that the shared facility comprised about 200 world-class both manual and fully automated fashion equipment with a capacity to service 350 MSMEs daily and 110,000 yearly.

“Given our determination to support our countrymen and women who run small businesses, we have held MSME Clinics in at least 28 states,” he said.

Advertisement

“The MSME Clinic is an opportunity for small businesses to meet with regulatory agencies such as NAFDAC, CAC, SON, SMEDAN, BOI among others.

“In the course of running the clinics, we noticed that in addition to their requests for a friendlier regulatory environment, MSMEs also wanted to be supported in terms of production facilities which were lacking or costly.

“This is how we came up with the idea of supporting MSMEs by providing at least one shared facility in every state of the federation.’’

To facilitate and support small businesses, Osibanjo said the federal government decided to invest in buying the machines to help MSMEs get them easily.

Advertisement

“The machines are too expensive for any small business to buy; so government invests in buying the equipment and the facility is located in an area where there is a cluster of that trade or business or a place where there are many people in the particular trade or business,” he added.

“In this way, government assists many people involved in the same trade with machines and equipment that they would not have been able to buy themselves.

“To do this, the federal government, partners with interested states, the Bank of Industry, NEXIM Bank, and the private sector.

“And the particular trade or business to be supported is chosen in collaboration with the state government and relevant MSME stakeholders.”

Advertisement

Osinbajo said that in 2021 alone, work had commenced on the development of 10 facilities across various states to complement those previously commissioned in Anambra, Benue, and Lagos States.

He also listed Edo, Kaduna, Kebbi, Ogun, Ebonyi, Kano, Kastina, Ekiti, and Bauchi as states where Shared Facilities would be inaugurated soon.

Advertisement

“This facility that we just inaugurated is the fourth to be commissioned in the country,” he said.

“It is a facility strategically located beside the Amakohia Market, considered to be one of the most important markets within the metropolis, and sits along the famous Orlu road, which is one of the most important commercial areas within the city.

Advertisement

“It is a well-equipped facility for shared use for the production of various types of garment wares and clothing items.

“A one-stop garment production centre for the end-to-end production of various types of clothing items.

“It will improve the quality of locally made clothing items, improve household income for local tailors, create jobs, and create access to high quality and modern machines.

“It will also improve the contribution of local tailors to revenue for the local, states, and Federal Government.”

While giving her remarks, Maryam Katagum, minister of state for industry, trade and investment, said that the MSMEs clinics, had since inception in 2017, served as an avenue for increasing government relationship with key stakeholders in the MSMEs sector.

“This laudable initiative was purposely designed to reduce bottlenecks and provide practical and immediate responses to challenges faced by businesses,’’ she said.

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment