Nigeria: Emir Sanusi Tasks Govt, Banks On SMEs Growth

The Emir of Kano, Muhammadu Sanusi II has projected that in 25 years to come Nigeria's population would be over 280 million and the figure of its unemployed youth would rise to over 80 million.

The Emir, at the Fidelity Bank Regional SME Conference titled: Positioning SMEs in the Northern

Region For Real Sector Growth stated that it was the responsibility of government to provide the necessary infrastructures and technologies that will help the growth of SMEs in the country. "Only 20 percent of what is meant for the SMEs is given to them. About 80 percent of their funds are wasted on infrastructures that are supposed to be provided by government", he said.

He said it would be a time bomb for the economy except government at all levels quickly review their economic policies, encourage, support and assist the Small and Medium Enterprises (SMEs) to prosper.

He said "America with its free market economy still encourages and support small scale enterprises to grow. For SMEs to succeed in the country governments, corporate bodies, public organisation and individuals that are endowed with resources must support them."

He urged discussants at the event to make a far reaching recommendations to government on how best to achieve economic progress and development through SMEs since over 80 percent of Nigeria's workforce are employed by the small scale businesses.

Earlier in his speech, the Managing Director/Chief Executive Office of Fidelity Bank, Mr. Nnamdi Okonkwo said SMEs are critical agents of economic development and transformation in the country. He maintained that the bank was passionate about building Nigerian entrepreneurs and committed to human and material resources to achieve the initiative.

Source:DailyTrust