Nigeria committed to formulating policies for economic growth

Foreign direct investment (FDI)
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Nigeria is committed to formulating policies that will support Micro, Small, and Medium Enterprises (MSMEs) and stimulate economic growth and attract foreign direct investment (FDI), said Mariam Katagum, the minister of state for industry, trade and investment.

Katagum said this on Monday in Abuja at a ceremony to mark the 2022 World MSMEs Day, and called for stronger collaboration among stakeholders critical to promoting the activities of the MSMEs.

Katagum said the role of MSMEs in creating jobs and growing the country’s economy cannot be overemphasized.

Olawale Fasanya, head of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), said at the same event the agency would continue to support the birth of new enterprises and the scaling up of existing ones.

He blamed the shrinkage in the total number of MSMEs and their contribution to Nigeria’s economy on insecurity and the COVID-19 pandemic.

According to him, deliberate efforts and stimulus packages must be targeted at those most heavily affected by disruptions to global supply chains, rising inflation, and the continuing devastating effects of the COVID-19 pandemic. Enditem

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