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‘Nigeria’s macro-economic environment strong despite threat to security’


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Nigeria

IMAGE: Sanusi Lamido Sanusi, the Governor of the Central Bank of Nigeria »

NOV.20.2013

 

The Central Bank of Nigeria (CBN) has said that macro-economic environment remains strong in Nigeria despite adverse conditions in the global economy and threat to security in the domestic economy. It noted that the global economy has, in the past few years, witnessed financial crisis characterised by rising debt profile worldwide.

Tunde Lemo, the apex bank’s deputy governor, operations, who stated this in Abeokuta, Ogun State, at the Egba Economic Summit with the theme, ‘Leveraging Micro, Small and Medium Scale Enterprises (MSMEs) for Development: Prospects, Challenges and Opportunities’, noted that secretariesthe economy has seen over dependence on oil, inadequate infrastructure, high inflation, rising unemployment, huge import bills etc.

A statement made available to BusinessDay quotes Lemo as saying that the development of MSMEs holds the key to structural transformation required to achieve the goals of Vision 20:2020.

Continuing, he said, “MSMEs is the solution to the upward trend in unemployment in the country”, adding that MSMEs provide a platform for employment and wealth creation, reduction in poverty and rural-urban drift, arresting youth restiveness and crime.

He said that, as an engine of growth, MSMEs boost productivity and increase national savings, income generation, development of local technology and technological innovativeness, adding that it encourage utilisation of available domestic resources including raw materials to deliver quality products and services.

On Egbaland Aspiration by 2020, a new Approach to MSMEs Development, Lemo said access to finance has been commonly advanced as a major challenge to MSME development, disclosing that finance was not the only solution to MSME development.

He pointed out that there must be improvement in drivers of MSMEs development such as advanced technology, knowledge-base, and capital intensive industries, advising indigenous business men to come out with viable businesses.

Earlier, Ayo Biobaku, president of Egba Economic Summit Group (EESG), had explained that the summit was meant to promote the economy of Egbaland, adding that the event was imperative against the backdrop of the nation’s economic realities.

Biobaku also said that the “event was all the more important because, more than ever before, the economic realities in Nigeria today have engendered unemployment and reduced citizens’ spending power”.

He highlighted the need to embrace MSMEs to address fundamental deficiencies in the economy, adding, “encouraging our people to embrace MSMEs as a way out of misery will not only be beneficial to the people of Egbaland but also to Ogun State and the nation as a whole”.

Article Credit: BusinessDay Newspapper

Updated 5 Years ago
 

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